Equestrian Center Faces Immediate Foreclosure

An attorney for the debt-ridden Los Angeles Equestrian Center in Griffith Park withdrew his request Thursday for a federal bankruptcy judge to rule on a financial reorganization plan for the center.

Attorney Richard Wynne said he did not ask U.S. Bankruptcy Judge Samuel Bufford to approve the plan because the Los Angeles City Council Board of Referred Powers turned it down during a stormy hearing Wednesday.

The Board of Referred Powers said elements of the plan, which included the conversion of horse stalls into $30,000 horse “condos” and the building of a medieval theme restaurant, were an improper use of public park land.

The withdrawal left the door open for Gibraltar Savings, the equestrian center’s main creditor, to foreclose on it today. Gibraltar has lent the center $18 million over the last several years to keep it operating.

Foreclosure would end J. Albert Garcia’s operation of the city-owned center. Under Garcia’s operation, since 1980, the center--which is on property owned by the city of Los Angeles--has amassed debts of $27 million.

Garcia’s reorganization plan drew anger from users of the facility, who said the “condos” and restaurant would ruin its equestrian nature.

Gibraltar attorney Clifford J. Meyer said Gibraltar would take over responsibility of the center and the care of the horses until a new operator could be found.

Officials said the center will remain open, and events scheduled for this week, including a polo match, will be held.