SAN JUAN CAPISTRANO : Effort to Sell Train Depot Off Track
For the second time since June, the city’s attempts to sell the historic downtown train depot have derailed.
The City Council voted in closed session to cancel an escrow agreement with a Santa Barbara investment group after it failed to deliver by Sept. 5 the $920,000 offered for the 100-year-old structure.
The council had accepted the bid from Magic Holding Co. after a deal to sell the property to the owners of a Laguna Beach restaurant for $875,000 fell through.
Cassandra Walker, the city’s redevelopment director, said Monday that Magic Holding Co. is still interested in buying the property and trying to secure the money.
A special meeting of the City Council is scheduled for Wednesday, however, to consider a possible offer from a new bidder, Walker said.
Representatives of Magic Holding Co. could not be reached for comment.
Walker said that city officials plan to speak with Magic Holding representatives today. Earlier this year, the city put the train depot on the market for $1 million.
The property has been vacant since January, when a restaurant operating in the building failed.
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.
