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Newport Beach

March 09, 2000|Noaki Schwartz, (949) 574-4232

The New York financial firm involved in the unsuccessful 1998 effort to buy Lido Marina Village--a plan believed to have contributed to the resignation of former Newport Beach City Manager Kevin Murphy--now is reportedly close to buying the 4-acre shopping center again.

Lehman Brothers Holdings has bought portions of the property and is under contract to purchase the remainder, said Tony Wattson, president of Wattson Breevast, a local developer working on the deal with the New York firm.

Property owner Jerry Friedman did not return telephone calls, and Lehman Brothers representatives declined to comment on the deal.

Councilman Tod W. Ridgeway said the property will continue to operate on an annual renewable permit for now.

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