Agencies Buy 696 Acres in Santa Monicas

Three governmental agencies have joined forces to take possession of 696 acres of private property for parkland in the Santa Monica Mountains, at half the cost invested by a developer.

The city of Calabasas, Las Virgenes Municipal Water District and the Santa Monica Mountains Conservancy have agreed to pay $3.02 million for the Micor Venture property northeast of Mulholland Highway and Las Virgenes Road.

The parcel, which includes oak woodlands, a secluded canyon and streams, had been approved for development of a gated subdivision of 250 lots in 1992. But the development was stalled for years in a court battle and the property eventually went into foreclosure.

The purchase was announced Monday in a joint news release by the agencies and county Supervisor Zev Yaroslavsky, who called the land acquisition “the opportunity of a lifetime.”

The developer, Micor II, originally agreed to pay nearly $8.3 million for the property, previously owned by entertainer Bob Hope and his wife, Dolores. A group of 40 investors then spent $5 million on the project.

But after Micor defaulted on the loans, the investors were forced to foreclose on the project, said Joel Bellman, a spokesman for Yaroslavsky. He said the foreclosure action eliminated all interest in the land still held by the Hopes.

The investor group, which includes individuals, corporations and pension plans, then agreed to sell the land to the joint government venture, only partially recouping its initial investment, Bellman said.

Yaroslavsky called the pact “a great example of how we can leverage our tax dollars to scoop up a great real estate bargain for the public.”

Because the purchase includes the use of some Proposition A park funds, county supervisors will be asked to approve the transaction Aug. 19.

Terms of the purchase agreement call for the conservancy to contribute $620,000 in Proposition A funds. Calabasas will contribute $600,000 and the Las Virgenes water district, in a joint venture with the Triunfo Sanitation District, will contribute $1.8 million.

Mary Weisbrock, whose group, Save Open Space, led the court battle against development, said Monday, “We’re absolutely thrilled that it is being purchased. It would never have happened if we had not stopped the development from destroying the area.”

Calabasas Mayor Lesley Devine said the purchase fulfills the city’s plan to provide a scenic corridor and connect area wildlife corridors.

The water district, which operates a composting facility adjacent to the property, said the purchase will serve as a buffer to any encroachment from housing.