Week in Review : MAJOR EVENTS, IMAGES AND PEOPLE IN ORANGE COUNTY NEWS. : MISCELLANY / NEWSMAKERS AND MILESTONES
In 1983, it was big news. David Stein and Barry Brief, principals of the 2-year-old Stein-Brief Group, had consummated what appeared to be the third largest land transaction in Orange County history.
From Avco Community Developers they had bought 550 acres between South Laguna and Dana Point, some of the last available ocean-front land in Southern California. The price: $80 million.
Stein said the value of the development the group planned--"on a par with Pebble Beach, Palm Springs and the state’s other notable residential-resort areas"--would reach $1 billion, yielding a $165-million profit.
“Barry and I had $2 million of our money invested in this, almost everything,” Stein said in 1984.
They also had a $49-million loan from Avco, and that’s what went sour last week. Having not received Stein-Brief’s $4.3-million loan payment due last December, Avco filed a notice of default.
Last week, neither Stein nor Brief was making himself available for explanations. A group spokesman said the firm was busy trying to restructure its debts.
“It is our understanding that it (the notice of default) will not impact Stein-Brief’s day-to-day operations,” said Chris Downey, the group’s executive administrator.