"The combination of the refusal to establish a minimum rent based on the value of the land and to adjust the percentage rentals to realistic percentages constitutes a gift," said Dietrich, whose clients include major Southern California developers.
Dana had no explanation when asked why the county had settled for less than its appraisers had recommended. "I can't answer that," he said.
For the Record
Los Angeles Times Tuesday April 14, 1992 Home Edition Part A Page 3 Column 4 Metro Desk 2 inches; 63 words Type of Material: Correction
Marina leases--A Times graphic that appeared Sunday with a story on Marina del Rey leases listed various partners in four apartment complexes controlled by members of the Ring family. Former state Sen. Alan Robbins is an investor in a partnership controlling two of the complexes, but Ellis Ring is not a member of that partnership and says that he has no financial dealings with Robbins. Developer Jerry Epstein also is not a member of that partnership.
Reed said the county agreed to the low settlement partly out of a desire "to break the logjam" and collect the retroactive rent.
"We needed the money," he said.
ABRAHAM M. LURIE
Holdings: Marina Beach, Marina del Rey and Marina International Hotels; two apartment complexes; Fisherman's Village; Marina Beach Shopping Center, and Pier 44. For almost a quarter of a century, he has leased but not developed the last vacant piece of waterfront property.
Statistics: 267 apartments, 594 hotel rooms, 1,122 boat slips
The marina's biggest developer, Lurie sold a 49.9% stake in his marina properties in August, 1989, to a group of Saudi Arabian investors led by billionaire businessman Abdul Aziz al Ibrahim, brother-in-law of King Fahd. Since last summer, Lurie and the Saudis have been locked in a bankruptcy court battle for control of the properties.
Holdings: Marina City Club; also primary leaseholder of land subleased to Ritz-Carlton Hotel and Red Onion restaurant.
Statistics: 600 condominiums, 101 apartments, 335 boat slips.
Snyder and associates took over the Marina City Club in December, 1986, and converted the circular high-rise apartment buildings into condominiums, nearly 90% of which have been sold. But the project has experienced cash-flow problems recently. In March, Snyder owed Los Angeles County more than $859,000 in rent, but a substantial amount of the back rent has since been paid by his lender, the Aetna Life Insurance Co.
The RING FAMILY
Holdings: Four waterfront apartment complexes, including the marina's largest, 981-unit Mariner's Village.
Statistics: 2,235 apartments, 1,358 boat slips.
The complexes are owned by partnerships headed by members of the Ring family, including brothers Ellis (top) and Selden. Other investors include Selden Ring's son, attorney Douglas Ring (bottom); developer Jerry Epstein; and former state Sen. Alan Robbins, who resigned in November after pleading guilty to federal political corruption charges in Sacramento.
Holdings: Del Rey Shores apartments.
Statistics: 202 apartments; also has partnership interest in 846 apartments and 640 boat slips.
Epstein was one of the earliest Marina del Rey leaseholders. Long active in civic affairs, he serves on the California Transportation Commission and is former president of the Los Angeles Board of Airport Commissioners.
Holdings: Dolphin Marina and Trizec Towers, a high-rise office complex.
Statistics: 204 apartments, 462 boat slips, a restaurant and two 12-story office buildings with retail and restaurant space.
A prominent developer based in Culver City, Goldrich is seeking approval of a precedent-setting deal to extend his lease on the Dolphin Marina complex until the year 2062.
Marina del Rey
Developed in the early 1960s, Marina del Rey covers 804 acres and contains more than 5,000 boat slips. An unincorporated community surrounded by Los Angeles, the marina is public property managed by the county government. The apartments, restaurants, hotels and other businesses are operated by private developers under leases with the county.
* Population (1991): 10,642**
* Ethnic breakdown: 87% Anglo, 4% Latino, 4% African-American, 4% Asian-American. (Other: Less than 1%)
* Housing units: 5,914 (91% rentals). Two-bedroom apartments range from $1,025 to $2,800 a month.
* Background: Marina del Rey had a reputation as a swinging-singles haven in the '60s and '70s, and as a landing place for the recently divorced or separated. The singles are still there. About a quarter of the residents are divorced or separated. The average of 1.8 people per housing unit is far below the 2.8 average for Los Angeles County. Only 4% of residents are children.
* Government: Day to day administration is by county Department of Beaches and Harbors. The Small Craft Harbor Commission, appointed by the county Board of Supervisors, meets monthly and advises the supervisors on overall marina policy.
\o7 Source: Census Bureau and Dept. of Beaches and Harbors\f7
** 1990 Census reported a population of 7,431. The county formally protested and conducted its own survey, which yielded the above figures.
About two-thirds of Los Angeles County's income from Marina del Rey comes from a share of rents on apartments and boat slips. The following charts compare the gross receipts collected by developers and the amount paid to the county for use of the property. Developers are not required to disclose their profits from marina operations.
Gross Receipts Rent Paid LA County APARTMENTS 1991 $89,440,991 $9,266,385 BOAT SLIPS 1991 $23,975,639 $5,795,158
Note: The rent paid to the county increased dramatically in 1989 following renegotiation of the rates, retroactive in most cases to 1982.
\o7 Source: Los Angeles Times analysis of data from Los Angeles County Department of Beaches and Harbors\f7