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VALLEY FOCUS | Agoura Hills

Fantasy Island Taken Off Auction Block

July 10, 1998|ERIC RIMBERT

A public auction of Fantasy Island, the 23-acre entertainment venue that neighbors considered noisy and troublesome, was canceled Thursday . Capital Commercial Real Estate, the broker, said the prices offered were too low.

"The range of offers was below $2 million," Tim Pluma, a senior marketing consultant for the real estate firm, said.

The property was listed at a price of $2.9 million.

A group of 18 people gathered on the property, though only two people were actually prepared to make bids. Pluma said the auction was halted because both bidders said they wanted more information about the property before making offers.

The company now plans to follow up with the interested parties next week and said there was a possibility of repackaging the property as either a single-estate use property or a four-unit luxury home development of 8,000-square-foot homes.

"We're confident that one of the bidders will be the ultimate buyer," Pluma said.

The area is zoned for resort and recreation use, but Pluma said most interested parties want to use it for residential development. Pluma said depending on the developer, each home could sell in the $2-million range.

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