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LAND RUSH: Some people remember when $25,000...

LAND RUSH: Some people remember when $25,000 bought an entire house. . . . Nowadays, at least in the Irvine Co.'s Newport Coast development, it takes that much just to enter a drawing for one of 55 bare lots. By Monday, 70 prospective buyers had done so. Still, only about a dozen lots are expected to go this way in the sale, starting today, because many of the bidders are thought to want the same properties, which will cost as much as $3 million. These are “very wealthy people,” says Irvine Co. executive Rudy Svrcek. Those who don’t buy get their money back.


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