Newport Beach real estate developer Don Koll and Leon Black of New York-based Apollo Real Estate Advisors have made an unsolicited offer to invest approximately $180 million in Arcadia-based Santa Anita Cos.
The Anoakia estate will most likely be demolished in three months, but its destruction could prompt the city to identify and protect other historic buildings.
An extensive survey by a Los Angeles based real estate consulting firm rated the cost of doing business in a number of California cities, including Arcadia.
A developer who wants to replace the historic Anoakia estate with a 31-home gated community received tentative approval Tuesday night from the Planning Commission.
After three tries, the Arcadia City Council agreed to appoint Peter Ulrich, an Arcadia Beautiful Commissioner and a real estate consultant, as the newest member of the panel.
The Santa Anita Companies are disposing of non-core real estate assets as part of a long-term program which they say will improve cash flow and net income.
The Santa Anita Companies and Meditrust, the nation's largest health-care real estate investment trust, have completed a $383 million deal to merge the two companies.
The state Department of Real Estate has launched disciplinary action against Virginia Drascula, 76, of Duarte, the licensee of Falcon Management Co., a rental-listing business plagued by customer complaints.