Oxnard Developer Martin V. Smith Dies

Pioneer Ventura County developer Martin V. “Bud” Smith, the millionaire real estate mogul and philanthropist whose empire once included the county’s landmark high-rise towers, died Sunday at his Oxnard home. He was 85.

Smith moved to Oxnard nearly 60 years ago and bought a hamburger stand on Pacific Coast Highway that he later converted into the Colonial House restaurant. The cafe was frequented by Clark Gable, John Wayne and other stars making weekend trips to Santa Barbara.

Over the years, Smith’s portfolio grew to include more than 200 properties between Calabasas and Santa Maria. He was believed to be one of the wealthiest entrepreneurs in Ventura County.

His largest philanthropic contribution occurred last year, when he gave $5 million to the county’s first public university, Cal State Channel Islands near Camarillo.

“If anybody deserved the name ‘Mr. Oxnard,’ it was him. He made incredibly substantial contributions to this city and the county,” Oxnard Mayor Manuel Lopez said.

Although diagnosed with Parkinson’s disease several years ago, Smith continued working until last month at the Dean Witter Tower, one of two high-rises his company built at the Oxnard Financial Plaza, just off the Ventura Freeway. The 21-story Dean Witter tower is the tallest building between Los Angeles and San Jose.

Smith was surrounded by his family when he died of complications from the disease, said Sue VanCamp, vice president of Martin V. Smith & Associates and a 20-year family friend.

“He was a very unassuming, very caring man,” VanCamp said. “He had a lot of compassion for employees and a great sense of humor.”

Following the 1996 sale of most of his holdings--including the Financial Plaza complex, eight hotels, more than 1,000 apartment units and several restaurants--Smith gave his employees a total of several million dollars in bonuses.

“We are sharing our good fortune with all of the people who helped create it,” Smith said in a December 1995 interview with The Times.

The $175-million deal was thought to be the largest property sale in county history at that time. A key to Smith’s wealth was his policy of retaining ownership of practically everything he built. Instead of selling buildings when they were completed, he would become the landlord.

In addition to the plaza complex, which includes the towers and four low-rise buildings, Smith founded Commercial and Farmer’s Bank in Ventura, which was later sold to Union Bank, and he was instrumental in the creation of Channel Islands Harbor.

“He had an incredible history. I mean, he was absolutely the epitome of the American success story,” said Rep. Elton Gallegly, a Republican whose 23rd District includes most of Ventura County.

Gallegly, who knew Smith for more than two decades, has based his district office at the Financial Plaza for many years. Gallegly said he would often visit Smith.

“He loved the ocean. He was an avid boatman, and for a long time he had an old converted World War II boat--I think it had been a minesweeper--parked over at the marina,” Gallegly said.

In fact, Smith enjoyed hunting and sportfishing locally and in Mexico. Although he lived relatively frugally, he splurged on, among other things, an 83-foot yacht named the Dry Martini.

Smith and Gallegly shared a common bond by supporting the Oxnard Boys & Girls Club. During his career, Smith donated hundreds of thousands of dollars to the club, as well as to St. John’s Regional Medical Center and the Maritime Museum at Channel Islands.

“He was a real pioneer for modern Ventura County,” said Robert J. Lagomarsino, a former state senator and congressman.

Ventura County Supervisor John Flynn described Smith as one of the most personable and relaxed businessmen he has dealt with in 30 years. “He never wanted to force your hand or put pressure on you. He was a good person to work with,” Flynn said.

Smith was born Oct. 18, 1916, in Sioux Falls, S.D., where his mother managed an apartment building. His father, a banker, suffered a heart attack and died soon after the stock market crash of 1929.

Several years later, Smith’s family moved to Beverly Hills, where he dropped out of high school and went to work operating a network of vending machines from Los Angeles to Santa Barbara.

Smith served in the Army Air Corps during World War II. While he was away, his mother, sister and then-new wife successfully operated the Colonial cafe and saved money for Smith’s future investments.

When he returned to Oxnard in 1944, he bought 50 acres of land on the Oxnard plain. Using surplus Air Force barracks he had bought after the war, he built the Wagon Wheel Restaurant and Motel.

To promote the new venture, Smith bought 200 chickens and set them loose in downtown Oxnard. Strapped to the chickens’ legs, he once said, were bands bearing the words, “I just escaped from the Wagon Wheel, where they serve the finest chicken around.”

Smith is survived by his wife of 58 years, Martha, four daughters and seven grandchildren. A celebration of his life, for family and friends, is planned from 3 to 5 p.m. Nov. 27, at the Tower Club in Oxnard.

Donations may be made to the Martha K. and Martin V. Smith Fund to Benefit the Community, in care of the Ventura County Community Foundation at 1317 Del Norte Road, Suite 150, Camarillo 93010.