L.A. Businessman Says He Is Top Bidder for Marineland Site

A Los Angeles businessman confirmed Friday that he is the high bidder for the former Marineland site, one of the county’s last pieces of undeveloped oceanfront property.

Jim York, head of York Capital Group, said he will consult with city officials and conservationists before deciding what to do with the 102 acres on the Palos Verdes Peninsula.

“We will examine all possible uses for the properties,” York said in a statement, “residential, hotel, retail, golf course and open space--to make this project a centerpiece for our community.”

The California Coastal Commission and the Rancho Palos Verdes City Council have approved development of a 450-room luxury hotel and nine-hole golf course on site. The new owner would have the same development rights, officials said, but a significant change would have to be approved.

Arizona-based developer James G. Monaghan, who has filed for bankruptcy, owns the land.

The Resolution Trust Corp., which administers the assets of failed savings and loans, is selling the bank note on the property. York declined to say how much he bid, but the value of the property has been listed at $24 million.

RTC spokesman Mike Fulwider confirmed that his agency has notified a bidder, but declined to release the bidder’s name. He said he expected the deal to close by late November after a payment plan and other details are worked out.

Fulwider said a small percentage of deals fall through if bidders cannot secure financing.

According to York’s news release, he was tapped as the high bidder after the previous high bidder withdrew.

If York acquires the bank note, he must still foreclose on the property from Monaghan, but he predicted a friendly foreclosure. A spokeswoman for Monaghan said she had not been contacted about the sale.

The bank note also includes a 315-acre parcel known as Filiorum. Most of Filiorum is landslide-prone and considered unsuitable for development.