Agency Completes Deal to Save Paramount Ranch
A complex transaction between a parks agency and a bank has all but assured the preservation of Paramount Ranch in Agoura, the former Renaissance Faire site long threatened with development, officials said.
Under the deal concluded last week, the Santa Monica Mountains Conservancy purchased delinquent loans on the 314-acre tract and will foreclose on a development firm that is millions of dollars in arrears.
In effect, the conservancy will be paying Brea-based Union Federal Savings Bank $17.6 million to acquire the oak-studded property--$1.7 million less than the conservancy offered developers for the land two years ago.
“We’re very pleased,” said Joseph T. Edmiston, executive director of the conservancy. The conservancy already is seeking bids from firms that prepare notices and other legal details of foreclosure proceedings.
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