Real Estate Firm To Buy OC Fairgrounds

COSTA MESA (AP) — California officials say a real estate management firm will buy the Orange County Fairgrounds for $100 million after a deal to sell the property to the city of Costa Mesa fell through.

The state announced Wednesday that Facilities Management West would make an initial $20 million payment for the 150-acre property and pay off the rest over 35 years.

The General Services Department previously agreed to sell the fairgrounds to Costa Mesa for $96 million as part of a deal that involved leasing the land to Facilities Management West.

But the third-party involvement triggered the need for the state legislation that was never passed.

The fairgrounds and other properties are being sold as part of a plan to address the state’s budget woes.

Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)


One Comment

  1. American 1776 says:

    So what’s going to be sold off next, when the state fiddle farts away the $100,000,000 for the fair grounds like they do the billions they collect in taxes every year?

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