Financially Ailing Hospital to Sell Land
San Pedro Peninsula Hospital, which has struggled for a year to improve its finances, is about to sell a parcel of land to get money for capital projects.
President John Wilson announced the proposed sale at a recent meeting in San Pedro, where he released a report on the hospital’s financial condition.
Wilson said the hospital has accepted a $4.7-million offer for 17 contiguous lots that now house an old medical building and parking lots. The hospital would use the money to improve the facilities of its maternal and child health programs.
Wilson declined to release the identity of the buyer until the deal is closed.
The land sale is part of the hospital’s drive to pull itself back from severe financial difficulty. In early 1989, it had accumulated losses of $9 million leading to layoffs and program cutback. By the end of 1989, the deficit was reduced to $1.3 million, Wilson said.