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Property Sales

The Menendez family dream house, a Calabasas mansion featuring a tennis court, swimming pool and mountain views, was auctioned off Thursday in Probate Court for $1.325 million. Raymond and Vera Stewart, a Woodland Hills couple, bought the house at the proceedings in Beverly Hills Superior Court, submitting the only bid and paying the entire amount by check. The auction marked the sale of the last asset in the Menendez family estate, once valued at $16 million and now down to about $500,000.
February 20, 2014 | By Lee Romney
SAN FRANCISCO - The independent watchdog for the U.S. Postal Service has raised new concerns about an exclusive contract with real estate giant CBRE Group Inc. to handle leases and sales of postal properties nationwide, saying the arrangement presents “potential financial risks.” The office of inspector general has also sought an independent real estate firm to review all appraisals tied to transactions under the 2011 contract to ensure that...
A Northridge congregation that dwindled to 10 members is complaining that cash-needy regional Baptist administrators are selling its church building to a group of Hindus whom Baptist protesters referred to as "pagans" and "a cult." The Valley View Baptist Church on Roscoe Boulevard "has been sold out from under us" by the Conservative Baptist Assn.'s Southern California headquarters in Anaheim, pastor Arthur B. Houk said this week.
February 5, 2014 | By Roger Vincent
CBRE Group Inc., the world's largest commercial real estate brokerage, reported an 11% jump in revenue during the fourth quarter, led in part by thriving property markets in Europe, the Middle East and Africa. Profit was down from the same period in 2012, however, as the Los Angeles company wrote down $106.6 million primarily on the decreased value of its investment pools in Europe Southern California's housing recovery Fourth-quarter net income was $114.6 million, or 34 cents a share, down from $173 million, or 53 cents, a year earlier.
December 16, 1989 | From Times Staff and Wire Reports
The Internal Revenue Service, selling off vintage cars seized in drug cases, netted $157,800 in an auction Thursday that drew 1,000 potential bidders and will help compensate the agency for unpaid taxes. Many of the prized automobiles were confiscated in drug seizures. Seven of the cars belonged to Rudy Henderson, a millionaire imprisoned on drug charges. One of the seven vehicles included a 1968 Chevrolet Corvette that went for $24,500, the highest of the sale.
October 28, 2011 | By Roger Vincent, Los Angeles Times
CBRE Group Inc., the world's largest commercial real estate brokerage, reported a strong third quarter propelled by robust growth in property sales and leasing in the U.S. and abroad. The Los Angeles firm, formerly CB Richard Ellis Group Inc., said Thursday that income from arranging transactions to buy or rent space in offices, warehouses and other commercial properties grew at a double-digit pace from the same period last year. Sales were particularly strong in the Americas; Asia and Europe recorded big increases in leases.
Orange County home shoppers who have toyed with the idea of bargain hunting at one of the area's growing number of real estate auctions can have a field day--or two or three--this month. A total of 128 homes in Ventura, Los Angeles, Orange, Riverside and San Bernardino counties--including several duplexes and four-plexes--will be offered in a series of sales during the next two weekends by auctioneers for the federal Resolution Trust Corp. and the private Real Estate Disposition Corp.
October 31, 2002 | Roger Vincent, Times Staff Writer
Catellus Development Corp., one of California's largest landowners and builders, said Wednesday that third-quarter profit fell 49% from a year earlier as property sales decreased. San Francisco-based Catellus made $14.7 million, or 16 cents a share, compared with $28.6 million, or 28 cents, a year earlier. The profit decline was expected because the company intentionally accelerated sales during the first half of the year.
March 21, 1991 | LEN HALL
Prospective buyers of several downtown landmark properties now have another month to ponder their offers. To the relief of several merchants, the City Council this week postponed a decision on selling the properties, including the Swallows Inn, Cafe Capistrano, Paisley Penguin and El Peon. Instead, the council voted unanimously to wait for an April report from a citizens committee that is studying a new downtown configuration. Given the city budget crisis, however, City Manager Stephen B.
August 29, 1995 | HOPE HAMASHIGE
A gain of $5.3 million on the sale of the former Bear Street School property means that the most pressing of their financial problems are behind them, officials of the Newport-Mesa Unified School District said Monday. "I think it is fair to say that the worst is over," Supt. Mac Bernd said. The district, which lost $8.2 million in the county's failed investment pool, had expected to clear about $4.5 million from the sale of the former elementary school in Costa Mesa.
April 4, 2013 | Dan Weikel
Inland Empire officials seeking control of LA/Ontario International Airport are balking at an unprecedented demand by Los Angeles that they buy the struggling operation for hundreds of millions of dollars. Los Angeles Mayor Antonio Villaraigosa and the agency that operates Ontario have insisted that the once-thriving aviation hub be sold at a price that helps recover the cost of improvements made over the years. Their studies estimate Ontario's fair market value at $243 million to $605 million.
March 12, 2013
Re "Tax vote reflects differing realities," March 9 The Times should be wary about printing such an enlightening article, which notes that though voters in less well-off L.A. neighborhoods overwhelmingly supported Proposition A (the failed half-cent sales tax increase on the city ballot last week), those in wealthier areas decisively rejected it. To document the wealthy's disdain for taxes that might help the poor risks banal accusations about fomenting "class warfare. " Readers might draw unjust conclusions about those most vociferously opposed to tax increases for the public good.
January 26, 2013 | David Zahniser
The developer of a proposed downtown Los Angeles football stadium and the company behind two planned apartment towers in Koreatown have provided about two-thirds of the funds for the group backing a half-cent sales tax increase in the city, according to the first report released in the campaign. The committee for Proposition A on the March 5 ballot reported that it had raised $185,000 by Jan. 19, with $100,000 coming from stadium developer Anschutz Entertainment Group. The City Council, which is seeking the tax increase to address a $220-million budget shortfall, approved AEG's proposed stadium last year, which involves the demolition and reconstruction of part of the city's Convention Center.
November 14, 2012 | David Zahniser
The Los Angeles City Council agreed to place a half-cent sales tax hike on the March 5 ballot to avert new cuts in city services, drawing immediate opposition from critics in and outside city government. Voters would decide the measure, which will boost collections by an estimated $215 million a year, on the same day they choose a new mayor. And there were signs the proposal already is influencing the race, which is expected to focus heavily on resolving the city's chronic budget crisis.
November 11, 2012 | By Roger Vincent
A decision by the State Bar of California to move its longtime headquarters in downtown Los Angeles has cleared the way for a $250-million apartment and retail complex on what is now the State Bar's parking lot near Staples Center. Beverly Hills developer Sonny Astani and parking lot giant L&R Group of Cos. bought the 3-acre property from the lawyers' group for $29 million. It is surrounded by Olive Street, Grand Avenue, Pico Boulevard and 12th Street. “This is probably the last large parking lot downtown that is unentitled and undeveloped,” Astani said.
October 19, 2012 | By David Zahniser, Los Angeles Times
Los Angeles' top budget official has asked the City Council to draft two tax measures for the March ballot, saying both are needed to avert cuts to police and fire services. City Administrative Officer Miguel Santana said the tax hikes - one on parking revenue, the other on real estate sales - would generate up to $125 million annually for the city budget, which faces a shortfall of $220 million. Without additional money, crime will probably go up, Santana said. "It's impossible for us to move forward and continue to protect public safety from serious reductions without this new revenue source," he said.
November 21, 1995
Pacific Gulf Properties Inc. said Monday it has completed the sale of its four Texas properties to Capitol Investment Associates Corp. of Chevy Chase, Md., for $31.1 million. Pacific Gulf, a real estate investment trust, said the purchase price includes $30.1 million in cash and a $1-million note. The company plans to use proceeds to acquire two new properties in the Pacific Northwest.
The City Council has agreed to pay $450,000 to a property owner who alleged in a lawsuit that the city breached a contract when it backed out of a deal to buy his land four years ago. In a 5-0 vote Tuesday night, the city agreed to the settlement with Martin Stayden, closing the final chapter of a complex deal that went awry and over the years has cost the city nearly $2 million. "It was a very troubled project and it's very disappointing how it all came out," City Atty. Joseph Fletcher said.
August 22, 2012 | By Kate Linthicum, Los Angeles Times
Despite years of raising fees, slashing the city workforce and cutting back on everything from swimming pools to sidewalk repairs, Los Angeles officials warn that the city's budget shortfall could top a quarter of a billion dollars next year without additional tax hikes and belt-tightening. For months, analysts and elected officials have been signaling that both tax increases and an overhaul of the employee pension system will be needed to keep the city afloat. On Tuesday, faced with the latest deficit forecasts, the City Council moved toward putting two tax increases on the March ballot and raising the retirement age for new employees, among other changes to the pension formula.
August 1, 2012 | By Roger Vincent, Los Angeles Times
CBRE Group Inc., the world's largest commercial real estate brokerage, turned a profit in the second quarter as property sales rose in most countries, including the U.S. The Los Angeles firm said Tuesday that income from arranging transactions to buy or rent space in offices, warehouses and other commercial properties helped revenue increase 13% from a year earlier to $1.6 billion. Europe and Asia posted modest increases in property sales revenue despite slowing economic activity in both regions while sales revenue in the Americas jumped 23%. Income from arranging leases increased only slightly, however, reflecting the soft market conditions that persist in many parts of the world.
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