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The federal government announced Thursday that it has sold its controlling interest in the Bicycle Club in Bell Gardens, nine years after seizing control because of money laundering at the card club. A partnership that operates a successful card club in Oceanside has agreed to purchase the government's interest for an undisclosed amount and plans to renovate the casino, the second-largest club in the state. The sale is a huge relief to federal officials.
January 27, 1992 | LESLIE EARNEST
Tucked against a hillside on Laguna Canyon Road is the oldest, smallest and, some say, luckiest mobile home park in Laguna Beach. Not much grumbling goes on at Thurston Trailer Park about the lack of a clubhouse, swimming pool or ocean view--niceties available at the city's two other mobile home parks. Instead, Thurston residents, most of whom have incomes low enough to qualify for financial aid, feel pretty fortunate.
November 20, 1988 | MARY LOU FULTON, Times Staff Writer
Just before Christmas last year, Helen and Tobias Casey decided to sell their earthquake-damaged house. The elderly couple thought it would be too difficult to repair the 2-story, 1913 home on Greenleaf Avenue, and called a local real estate broker to handle the deal. Five days after being placed on the market, the house sold for $120,000. Looking back, Helen Casey said agreeing to the sale was "just foolishness, I guess."
October 16, 1997
The City Council has approved the sale of a city-owned property--one of the last open spaces downtown--for development of a two-story commercial building. For more than two years the council has discussed selling the 17,500-square-foot site, which it acquired for $212,000 at the height of the real estate boom nearly a decade ago, said Kenneth Duran, assistant city manager. The property was sold to developer J.B. Construction for $155,000.
July 28, 2010 | By Roger Vincent, Los Angeles Times
CB Richard Ellis Group Inc., the world's largest commercial real estate brokerage, reported a return to the black in the second quarter as revenue rose in nearly all its business lines around the world. Although much of the local commercial property market remains depressed, improving global conditions allowed the Los Angeles company to report a profit of $54.8 million, or 17 cents a share, compared with a net loss of $6.6 million, or 2 cents, in the second quarter of 2009. The company posted adjusted earnings of 18 cents a share after deducting select charges, well ahead of Wall Street analysts' prediction of 9 cents.
Atlantic Richfield Co. will sell 146 oil and gas fields in three deals worth a total of $362 million. The fields are in California, New Mexico, Texas and Wyoming. The sales represent most of the small fields in Arco's Western District. Arco will retain the 60 largest fields, containing about 90% of the district's oil and gas reserves. Like other major U.S. oil companies in recent years, Arco has been divesting itself of non-core business assets to increase the efficiency of its operations.
A property's sale price at foreclosure, not its market value, determines its worth in bankruptcy proceedings, the Supreme Court ruled Monday. The 5-4 decision resolves a longstanding dispute in bankruptcy law, and it upholds the existing practice in California. Lawyers for the state's lenders and title insurers applauded the result and said it removes a cloud that could have hung over many recent property sales.
July 27, 2006 | Roger Vincent, Times Staff Writer
Real estate services company CB Richard Ellis Group Inc. on Wednesday reported a 27% jump in second-quarter profit on strong leasing and sales of commercial buildings across the globe. The company's net income was $64.3 million, or 27 cents a share, compared with $50.4 million, or 22 cents, a year earlier. Revenue for the three-month period that ended June 30 increased 24% to $836.2 million. Excluding one-time items, profit at the El Segundo firm was $79.
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.
April 25, 2012 | By Roger Vincent, Los Angeles Times
CBRE Group Inc., the world's largest commercial real estate brokerage, turned a profit in the first quarter as U.S. property sales took off. 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 14% from a year earlier to $1.35 billion. Growth was driven primarily by activity in the United States as leasing transactions fell off in Europe and sales slid in Asian markets.
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