Santa Anita Park will auction off 10 paintings by Sir Alfred J. Munnings worth an estimated $10 million. They will be sold by Sotheby's New York City auction house on Dec. 1, 1998.
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.
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.
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.
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 will undergo major renovations after the racing season closes this month. The track's new owner will be tearing out part of the grandstand to construct luxury boxes and a new dining area.
City Councilman Bob Harbicht, now running for the 59th Assembly District seat, accepted a $25,000 donation from the entity that manages Santa Anita Park.
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.
Concerns about a proposed entertainment complex next to Santa Anita Park race track have been expressed by representatives of three stores in the Santa Anita Fashion Park.