The sale of Los Alamitos Race Course to a Sacramento-based harness racing group is close to being announced, sources close to the negotiations have told The Times. The group is headed by Lloyd Arnold, general manager and president of the harness racing group that runs at Cal Expo, attorney Chris Bartus and Buzz Oates, a warehouse developer.
The sale price is estimated at $75.5 million for the 300-acre tract in Cypress. Hollywood Park, which is selling the quarter horse and harness facility, bought it in 1984 for $58 million. However, Hollywood Park Realty, the parent company, borrowed $100 million at the time and has been in financial trouble since.
The Arnold group was competing with a group headed by Dr. Edward Allred, R.D. Hubbard and PacTel. Allred is president of the Horsemen's Quarter Horse Racing Assn., and Hubbard owns Ruidoso (N.M.) Downs and the soon-to-be-opened Woodlands race track in Kansas City, Kan. Allred said he and Hubbard offered $31 million for the track facility and PacTel would buy the accompanying land to bring the total offer to $76 million.
"I'm feeling pretty bleak about things now," Allred said. "I'm not feeling very encouraged. They may be able to make an announcement but that's still a lot different than actually closing on the place."
Allred's group (HQHRA) still holds an option on the facility and has placed a lis pendens on the property, meaning that the legal maneuvering on all sides is just starting.
Marje Everett, chairman and chief operating officer at Hollywood Park, declined to comment. Lloyd Arnold could not be reached for comment.