Multibillion dollar businessman and horse owner, Frank Stronach, has signed a letter of intent for his auto systems company, Magna International Inc., to buy Santa Anita Park
Santa Anita Park race track sold to Frank Stronach, a Canadian billionaire businessman and horse owner. The property is valuable to the city for sales tax reasons.
Businessman Frank Stronach, who announced he is buying Santa Anita Park, has stated that his vision for developing the land is drastically different than Santa Anita's current proposal.
City officials met with new Santa Anita Park owner Frank Stronach to discuss his plans for the race track. He wants to build a retail and entertainment village and an interactive horse racing theme park.
Frank Stronach, founder and chairman of the board of Magna International Inc., is buying Santa Anita Park from Meditrust. The $126 million purchase is expected to close today.
Starting this spring, the new owner of Santa Anita Park, Frank Stronach, is planning the first of what will likely be massive renovations to the horse racing facility.
Westfield America Inc. announced yesterday that it will buy an additional 50 percent interest in Westfield Shoppingtown Santa Anita Fashion Park from Meditrust, giving it nearly 90 percent ownership.
Canadian industrialist Frank Stronach bought Santa Anita Park for $126 million in cash Friday, and said he will share plans with the city later this month to spend roughly half that amount on improvements.
Santa Anita Park has been purchased by Frank Stronach for $126 million through MI Development, the real estate, entertainment unit of Magna International Inc., Canada's largest auto-parts manufacturer, of which Stronach is chairman.
Meditrust will be selling Santa Anita Park race track at a lower price than the $400 million purchase price about a year ago. Due to laws changing in July, tax advantages are no longer available.