CALIFORNIA | LOCAL
March 11, 2012 |
When Rick Caruso bought Montecito's Miramar Hotel in 2007, it was a long-vacant, fenced-off, dilapidated eyesore. Five years later, the fences are still up, the windows boarded, the paint peeling. In a community of sky-high hedges and imposing gates, it's still an eyesore. "I'm embarrassed we haven't been able to get it built," Caruso told Santa Barbara County supervisors at a meeting last week, "but it hasn't been for lack of trying. " Caruso, a celebrity developer who is considering a run for mayor of Los Angeles, was asking for a $15-million tax break that he said can speed transformation of the beachfront property into a new five-star hotel.
February 27, 2012 |
British fashion chain Topshop is coming to Los Angeles. The retailer is slated to open its fourth American store at the Grove shopping center in L.A.'s Fairfax district by the holiday season. The chain, which makes cheap-chic clothes much like competitors Forever 21 and H&M, will take over a 25,000-square-foot location currently occupied by Banana Republic, which is moving to a smaller space in the outdoor shopping mall. Rick Caruso, the real estate developer behind local shopping malls such as the Grove and the Americana at Brand, said he had been in talks with Topshop owner Sir Philip Green for the last two years and had campaigned for a Los Angeles location.
February 24, 2012 |
Each of us, like it or not, finds his own calling in life. Frank McCourt has found his. He parks cars. We all stretch for bigger things. It is human nature. Draftsmen see themselves designing skyscrapers. Five-foot-eight high school basketball players see themselves in the NBA. McCourt saw himself as the owner of the Dodgers. After a while, we saw otherwise. We aren't sure exactly when the Peter Principle set in with McCourt, but the day he got on the plane in Boston and headed west is as good a guess as any. In the sports vernacular of the day, we thought we had put him behind us. He had walked down a dusty street at high noon, and Bud Selig drew first.
February 23, 2012 |
Los Angeles developer Rick Caruso and former Dodgers manager Joe Torre have withdrawn a joint bid to buy the Dodgers. Caruso and Torre cited owner Frank McCourt's refusal to include the Dodger Stadium parking lots in the sale, according to a letter, dated last Friday, that the men sent to Major League Baseball. The Times obtained a copy of the letter Thursday. Caruso and Torre would reenter the bidding if McCourt would agree to sell the parking lots, people familiar with the sale process but not authorized to publicly speak about it said.
February 23, 2012 |
This is the text of a letter from Rick Caruso and Joe Torre to Major League Baseball, explaining why they have withdrawn from the Dodgers bidding process: "As you are aware, we have been preparing a bid for the Los Angeles Dodgers Baseball Club and related assets. Our team has worked very hard over the past few months to develop what we are confident would be a compelling and competitive offer. As you know, the parking lots surrounding Dodger Stadium are not in bankruptcy and were not officially part of the bid process.
February 8, 2012 |
The bidding on the Dodgers has moved into the second round, with 11 parties cleared to advance in the process. With various bid groups discussing mergers and/or trying to acquire additional financing, and with the investment bank handling the sale receptive to substantial offers even at this late date, the list below is subject to change. The lineup of Dodgers bidders, as of Wednesday: Magic Johnson/Stan Kasten: Could soon be joined by richest man in L.A., Dr. Patrick Soon-Shiong.
January 28, 2012 |
On the day after Frank McCourt agreed to sell the Dodgers, billionaire Ron Burkle issued a statement that indicated he would consider buying the team. "It is one of the best brands in all of sports," Burkle said. "And, like many people, I'd be very proud to be a part of its future. " Burkle did not bid on the Dodgers, but he might still play a part in the future of the team. With the opening round of bidding concluded, Burkle might consider backing groups led by Rick Caruso or Stanley Gold, according to a person familiar with the sale process but not authorized to discuss it. McCourt and his bankers cut the list of prospective owners Friday.
January 27, 2012 |
The owner of the reigning NBA champions will not be the next owner of the Dodgers. Mark Cuban was eliminated from the Dodgers' ownership sweepstakes Friday, along with baseball executive and former agent Dennis Gilbert, according to two people familiar with the process but not authorized to discuss it. At least eight bidders advanced to the second round Friday, including a group led by Magic Johnson and veteran baseball executive Stan Kasten...
January 16, 2012 |
I can't say for sure whether Los Angeles County Supervisor Zev Yaroslavsky will run for mayor in 2013. I don't even know with certainty whether he's already made up his mind and is just stringing the rest of us along. What I can tell you without any question, though, is that he's enjoying being asked. Before a well-connected group at the Palm last week, Yaroslavsky managed the neat trick of simultaneously insisting that he's still undecided and laying out the campaign he would wage if he jumped into the race.
January 4, 2012 |
Joe Torre entered the Dodgers sweepstakes on Wednesday, joining forces with developer Rick Caruso in a bid to buy the city's beloved baseball team. The Dodgers ownership derby is fast becoming the most intriguing reality show in Los Angeles, with athletic legends, civic icons and assorted billionaires jockeying for control of a team mired in bankruptcy proceedings. Magic Johnson is in. Mark Cuban, owner of the NBA champion Dallas Mavericks, is in. Steven Cohen, a billionaire eight times over, is in. Dennis Gilbert, the onetime agent for Barry Bonds and champion of amateur baseball in Southern California, is in. Ron Burkle and Tom Golisano, billionaires with experience as National Hockey League owners, are in. Peter O'Malley, the owner when the Dodgers last won the World Series in 1988, is in. So are Fred Claire, the general manager that year, and Orel Hershiser, the star pitcher that year — but the three men are in separate groups.