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Land firm buys ranches north of Santa Barbara

California and the West | IN BRIEF / REAL ESTATE

January 11, 2007|From Bloomberg News

A land-management company financed by Boston-based hedge fund Baupost Group agreed to purchase two neighboring ranches that cover more than 24,000 acres of undeveloped coastline in California.

The purchase of the Cojo and Jalama ranches north of Santa Barbara closed Tuesday, the buyer, Coastal Management Resources said. The price wasn't disclosed, and the company didn't announce plans for developing the property. The ranches had been listed for sale at $155 million.

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