Investor Group Buys Control of Wespac Corp.

An investment group led by Stephen L. Goodman, a Huntington Beach businessman and real estate investor, this week purchased an 80% interest in Newport Beach-based Wespac Financial Corp. and its affiliated companies for an undisclosed amount of cash and notes.

The sale to East/Wespac Holding Co. Inc. was made by the Deckard family of Santa Ana, which founded Wespac in 1970 chiefly to sponsor real estate investment trusts. In the last seven years, Wespac has created three trusts that have raised a total of $165 million for investment in income-producing real estate.

John Pruitt, Wespac’s vice president of marketing, said Goodman has become president and chief executive officer of the company. He said the Deckards will retain a 20% ownership in Wespac as well as seats on the board of directors. The family has an option to sell its remaining interest in the company at the end of two years, he added.

As part of the sale, Pruitt said, East/Wespac Holding Co. Inc. agreed to pay notes held by two Wespac trusts that total about $1.25 million.