OJAI VALLEY : Investment Group Buying Spa Resort

Wheeler Hot Springs, an Ojai Valley spa and restaurant complex, is being sold to a Los Angeles investment group for $4.8 million, it was announced Thursday.

The property, owned and operated by Frank and Evelyn Landucci for 23 years, will go into escrow Monday, said Lanny Kaufer, a spokesman for the Landucci family.

Delaware-based Wheeler Springs Resorts Inc. will own and operate the spa. The investment group is headed by Thomas L. Marshall, a former Wall Street securities investment banker and film producer.

Marshall will take on the dual role of president and chief executive officer, while Evelyn Landucci will continue as an officer and director of the new corporation, Kaufer said.

Wheeler Hot Springs is celebrating its 100th anniversary this year, and will soon undertake a renovation and expansion plan, Kaufer said.