Chandis Sells Interest in Dana Point Parcel

Chandis Acquisitions Corp., a wholly owned subsidiary of Times Mirror Co., said it has sold its half-interest in the 122-acre Dana Point Headlands property in South Orange County to a Newport Beach developer. The parcel is one of the last remaining undeveloped coastal properties in the county. Chandis sold its interest to Master Plan Development Inc., a firm controlled by developer Sanford Edward. Terms of the deal were not disclosed, but real estate sources estimated the value of the entire property at $60 million to $70 million. Chandis and M.H. Sherman Co. had shared ownership of the property for more than 50 years. Opponents of plans to develop the property have fought the land owners and the city for several decades. Times Mirror publishes the Los Angeles Times.