State sells Orange County Fairgrounds for $100 million
The state Wednesday accepted a Newport Beach real estate company's $100-million offer for the Orange County Fairgrounds, potentially fulfilling the governor's directive to put the 150-acre property in private hands and send the money to cash-strapped Sacramento.
California's Department of General Services said Facilities Management West was the winning bidder for the property in Costa Mesa. The firm had been working with the city to finance a partnership that would have put control of the fairgrounds in city hands, but that deal fell through, leaving Facilities Management to bid on its own.
The new pact does not include a municipal ownership component.
As outlined in the bid, the company would pay the state $20 million upfront and the $80-million balance, with interest, over 35 years.
-- Mona Shadia
Photo: Opening day at the Orange County Fair in Costa Mesa on July 16. Credit: Allen J. Schaben / Los Angeles Times