LANCASTER : Couple Give Land to Medical Center
A Lancaster couple has donated a prime piece of real estate, a three-acre vacant car dealership that is valued at $2.1 million, to Antelope Valley Hospital Medical Center.
The gift is the most valuable received by the Lancaster hospital.
Bill and Dorothy Martin, both 83, will sell the former Blumel-Martin Pontiac-Cadillac-GMC dealership at Avenue K and 10th Street West, and the proceeds will be invested in a trust fund. The Martins will receive interest payments from the trust until their deaths and their estate will get the income for 10 years after that.
Whatever is remaining from the trust at that point will go to the hospital, said Gary Cothran, executive director of the hospital’s Gift Foundation.
The principal will remain in the trust and will grow over the years. Cothran said it could eventually amount to as much as $4 million.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
