TheLandJournal.com

$155Million, a record for non-commercial listings.  The actual price is not known, but we’re told they got close to their asking price.

 The land is in California and consists of the Cojo ranch alone having 24 miles of coastline!  It’s considered some of the most beautiful and incredible undeveloped land in existence.  The Bixby company sold it due to financial reasons and did all they could to assure the buyer understand and agreed with their position on the land and it’s need to stay as close to what it is as possible.

Listed by Sotheby’s International Realty, Inc., the land had interest from potential clients from Great Britain, Italy, Russia, Denmark, Switzerland, United Arab Emirates, South Africa, Canada, Brazil and Argentina.  The buyer was Los Angeles-based (Boston funded) Coastal Management Resources LLC.  Very little is known of their plans other than general statements such as “”We appreciate the beauty of this land and the resources it shelters and understand that the residents of this area, and indeed, all of California, share our interest in its future” from Linda Miller who represents the company buying.  Donald Trump even took a major interest in this purchase for himself to develop but backed out.

The land has been with the  Bixby family since the early 1900’s and holds about 1,100 cattle that roam and graze.  Rancho El Cojo includes 57 legal lots certified by the County of Santa Barbara under Bixby ownership, along with significant development restrictions and environmental protections.  The 1992 Vandenburg Air Force Base Agreement puts an easement on both Jalama and Cojo Ranches in order to continue the program to launch heavy payloads into space orbit. (They can’t build houses where an errant rocket might go over, in other words.) In addition to the U.S. Air Force, two political organizations have control over development: the California Coastal Commission and the Santa Barbara Board of Supervisors.

 So, what does a company do to get something out of this after having dumped nearly $155million into buying it?  I’d have to say, well, the obvious, develop it.  Those assured it would be ok are hearing what they want to hear and are in denial.  It may take some time, but I personally don’t see the state jumping in to fork over the money to preserve it, it’s going to get developed.  Maybe the first phase won’t be very intrusive to slowly break everyone in as I doubt the tactics of “pulling the bandaid off quick” will work here without seriously making some groups speak out very loudly and try to cause problems.

Everyone should be watching this, I know I am!

 Resources:

SurfLine LandsofAmerica.com PRNewswire