In a move to guarantee the preservation of Paramount Ranch in the Agoura area, the Santa Monica Mountains Conservancy board this week approved the outlay of about $10 million toward the purchase of the 314-acre former site of the Renaissance Pleasure Faire.
The authorization, to be financed by a combination of Los Angeles County bond money and state funds, comes less than a week after parks officials announced the purchase of comedian Bob Hope's 2,300-acre Jordan Ranch for $16.7 million in federal money.
The conservancy, which holds the note--valued at more than $25 million--on Paramount Ranch north of Malibou Lake, considered using the federal funds toward debt on the property.
"There was some concern that if the Bob Hope deal went through, we wouldn't have enough money for Paramount Ranch," said conservancy Deputy Director Belinda Faustinos. "But we have just been able to find enough funds from other sources.
"Without the funding, the bank could have started foreclosure proceedings. This assures that residents in the area are going to be able to continue enjoying the open space."
At its Monday night meeting, the conservancy's advisory board also authorized the agency to purchase 115 acres in Malibu's Escondido Canyon and participate in negotiations to buy the 640-acre Broome Ranch in Thousand Oaks.