The bay-front property on River Avenue and 43rd Street known as “People’s Park” was sold Tuesday by the city for $393,900.
Bob Sullivan, a local developer, has 30 days to close the all-cash deal, said Ken Delino, deputy city manager. When commission and closing costs are subtracted, the city will net $388,000.
The vacant lot, measuring 30 by 100 feet, was acquired by the city in 1940 and is one of the last undeveloped parcels on the bay.
For about 25 years, Jack Alward, who lives next door to the narrow lot, has tended to the land while trying to persuade the city to make it a park.
Because the city needed money, Newport Beach voters in 1992 gave officials overwhelming approval to sell the property.