Parents trying to rescue a financially troubled private school in Los Feliz from foreclosure are selling the school's playing fields to a developer, an attorney for the school has announced.
Century City Investments is in escrow to buy a 3.3-acre parcel from Los Feliz Hills School, a tiny nonprofit institution near Shakespeare Bridge on Russell Avenue. The developer plans to build 49 townhouses on the land.
Parents and administrators at the school say the $2-million land sale will help keep the school afloat.
The school has an enrollment of about 180 children ages 2 to 18, owes more than $117,000 in mortgage payments and is running a monthly deficit of $20,000.