REAL ESTATE

Trustee to Take Over Baldwin Co. Management: Baldwin Co. owners Alfred and James Baldwin have agreed to surrender control of the troubled Newport Beach-based home building firm their father started 40 years ago. In a deal cobbled together after efforts to win a $10-million credit extension collapsed, the brothers said they will agree to creditors’ demand for a court-appointed trustee to take over management. The Baldwins would remain as owners. Baldwin Co. has literally run out of money, its attorney said. The motion to appoint a trustee is scheduled to be heard April 29 in Bankruptcy Court in Santa Barbara. Baldwin Co. has built more than 15,000 homes in the Southland and controls more than 5,000 acres of land that analysts say is in prime locations.