Local News in Brief : Suit Over Rejected ‘Horse Condo’ Plan
The former operator of the Los Angeles Equestrian Center filed a $200-million claim Tuesday against the city of Los Angeles and parks officials, alleging that the city ruined his financial reorganization plan when it reneged on its promise to allow rental stalls to be converted into “horse condos.”
J. Albert Garcia, who was ousted from the debt-ridden facility last May by the center’s largest creditor, Gibraltar Savings of Beverly Hills, said he filed the claim on behalf of investors who had been assured that the horse-condo plan had been approved by the city several years ago.
Under Garcia’s leadership, the center adjoining Griffith Park amassed $27 million in debts. Gibraltar Savings foreclosed on the center after the city’s Board of Referred Powers rejected Garcia’s financial reorganization plan, which included the sale of 300 horse stalls for $30,000 each and construction of a medieval-theme restaurant where diners would view jousting matches.
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