International businessman and horse owner Frank Stronach confirmed Tuesday that he and Meditrust, the parent company of Santa Anita Park, have signed a letter of intent under which he will buy the race track.
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
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.
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.
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.
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.
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.
Santa Anita Companies have submitted a down-scaled entertainment complex with the new proposal for developing the South parking lot of the Santa Anita Park race track property.
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.
Citizen input is sought on the proposed Santa Anita Commercial Center. The current proposal is 1/3 the size of the initial package presented in 1996 and would be built on 60 acres of what is now the south parking lot of Santa Anita Park.
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.