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Judge OKs Sale Of California Buildings In Early Ruling

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(credit: CBS)

(credit: CBS)

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SAN FRANCISCO (AP)— A San Francisco judge has issued a preliminary ruling that would allow the sale of 11 state properties to go through.

Superior Court Judge Charlotte Woolard on Friday denied a request for a preliminary injunction to stop the sale. The request was part of a lawsuit filed by two former Los Angeles building authority members, Jerry Epstein and A. Redmond Doms.

Woolard said Epstein and Doms lacked the standing to bring the case and failed to demonstrate their contention that taxpayer funds were being wasted.

The state is selling the buildings for $2.3 billion to California First LLC, a consortium of investors led by a Texas real estate firm and a private equity firm based in Irvine.

The sale is expected to be completed by the end of the year and generate more than $1.2 billion for the state’s general fund.

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 This material may not be published, broadcast, rewritten or redistributed.)

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