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Mayor and Companion Buy Idaho Dwelling : Finances: Riordan disclosure form also reports selling of several major stock holdings.

October 05, 1994|JAMES RAINEY | TIMES STAFF WRITER

Los Angeles Mayor Richard Riordan and companion Nancy Daly have purchased a $2.3-million vacation home in Idaho, where the mayor likes to fish, ski and ride his mountain bike.

The mayor and Daly formed a business partnership to buy the home, not far from the Sun Valley resort, according to a financial disclosure form.

In a report filed this week with the city Ethics Commission, Riordan also reported selling several major stock holdings, including the initial divesting of shares in a Pasadena engineering firm that earlier this year prompted conflict of interest allegations.

Property records show that the house Riordan and Daly bought in north Ketchum has six bedrooms and six bathrooms and sits on two lots that total about 2.5 acres. The properties were valued at $2.8 million.

Riordan and Daly bought the home in March. Daly's divorce from Warner Bros. chief Robert Daly recently became final, while Riordan has been separated for many years from his second wife.

A Riordan aide said not too much should be read into the joint purchase of the home though.

"This is not a precursor to anything," said the aide, who asked not to be named. "It's a place they can go and enjoy, and a place their kids and grandkids can go and enjoy."

Riordan and Daly were on a 17-day cycling vacation in Europe and could not be reached for comment.

In his semiannual disclosure form, Riordan also reported changes since he last disclosed more than $70 million in holdings outside of a blind trust that was established when he took office. As assets are sold, more of Riordan's wealth is shifted into the trust, designed to shield him from conflict-of-interest violations.

The disclosure form confirms Riordan's sale of stock in Tetra Tech Inc., a Pasadena-based engineering services company in which he once owned nearly $10 million in shares.

The stock holding became controversial last summer when The Times reported that Riordan had voted as a member of the Metropolitan Transportation Authority board in a way that benefited the company. Riordan said he never knew that the vote would benefit Tetra Tech, but he later agreed to divest himself of all of his nearly 500,000 shares.

The report released this week covers the first six months of 1994 and showed a sale of a small portion of the stock. The rest was sold after the end of the reporting period, a spokeswoman said.

The mayor also reported divesting his holdings in several other companies. He sold 45,112 shares in Abbey Healthcare, 105,888 shares in American Health Care, 13,578 shares in OrNda Healthcorp and 45,600 of his nearly 365,000 shares in Mattel.

Riordan also reported $750,000 in income from a real estate investment called Chaparral Village; $455,000 from the Riordan, Lewis and Haden partnership, $260,000 from his ownership of the Downtown Pantry restaurant and $130,000 from his partnership's holding in the Downtown Fine Arts Building.

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