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CALIFORNIA | LOCAL
January 9, 1997
Property foreclosures are nothing new in Palmdale, where the real estate recession has been lengthy and severe, but Wednesday's dwarfed all others. The foreclosure was against Ritter Ranch Co., the group behind what was potentially one of the largest housing developments in the state. Ritter Ranch was to be a planned community for 20,000 people located on the fringe of Palmdale. But before a single house was built, the project became mired in debt.
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CALIFORNIA | LOCAL
December 15, 1998 | KAREN ROBINSON-JACOBS, TIMES STAFF WRITER
Only two months after taking control of a controversial planned community in Palmdale, a Colorado-based developer has filed for bankruptcy, listing nearly $65 million in debt. But developer John Musick said Monday that the Oct. 30 filing was designed to stave off a second foreclosure on the storied project, and was not an admission that efforts have again failed to turn the barren strip into one of the largest new housing developments in the state, with a planned 7,200 houses.
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CALIFORNIA | LOCAL
January 9, 1997 | JILL LEOVY, TIMES STAFF WRITER
Property foreclosures are nothing new in Palmdale, where the real estate recession has been lengthy and severe, but Wednesday's dwarfed all others to date. The foreclosure was against Ritter Ranch Co., the group behind what had been billed as one of the largest new housing developments in the state. A brief court proceeding turned ownership of the 18-square-mile Ritter Ranch property over to its lender, Bankers Trust Co. of New York.
CALIFORNIA | LOCAL
January 9, 1997
Property foreclosures are nothing new in Palmdale, where the real estate recession has been lengthy and severe, but Wednesday's dwarfed all others. The foreclosure was against Ritter Ranch Co., the group behind what was potentially one of the largest housing developments in the state. Ritter Ranch was to be a planned community for 20,000 people located on the fringe of Palmdale. But before a single house was built, the project became mired in debt.
BUSINESS
April 1, 1997 | JILL LEOVY, TIMES STAFF WRITER
Ritter Ranch Co., the partnership that once aimed to build a massive residential development in Palmdale, has filed for Chapter 7 bankruptcy protection. The bankruptcy filing came three months after the company's lender, New York-based Bankers Trust Co., foreclosed on the 11,000-acre property upon which the giant Ritter Ranch development was to be built. In documents filed in U.S. Bankruptcy Court in Woodland Hills, Ritter Ranch listed liabilities of $8,513,106 against assets of $19,659.
CALIFORNIA | LOCAL
July 22, 1996 | JILL LEOVY, SPECIAL TO THE TIMES
Ritter Ranch, the giant planned community being developed on the outskirts of this desert city, is in foreclosure proceedings and could collapse in a tangle of bankruptcies and lawsuits if negotiations to save it fall through. Foreclosure proceedings were triggered earlier this month, when the Bankers Trust Co. of New York filed a notice of default against the Ritter Ranch Co., citing $26 million in outstanding payments.
CALIFORNIA | LOCAL
January 9, 1997 | JILL LEOVY, TIMES STAFF WRITER
Property foreclosures are nothing new in Palmdale, where the real estate recession has been lengthy and severe, but Wednesday's dwarfed all others to date. The foreclosure was against Ritter Ranch Co., the group behind what had been billed as one of the largest new housing developments in the state. A brief court proceeding turned ownership of the 18-square-mile Ritter Ranch property over to its lender, Bankers Trust Co. of New York.
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