Proposed Low-Income Site Reportedly Is Sold
A controversial fourplex that a developer proposed to improve with city funds and rent to low-income tenants reportedly was sold for $800,000 Friday at a probate-court auction in Pasadena.
The identity of the bidder was not available, but a neighbor who attended the auction said it was not the Laguna Beach developer who had proposed the improvements and subsidy deal to the city three months ago.
The developer had proposed using $400,000 of city affordable-housing redevelopment funds. Residents of the neighborhood on Ocean Avenue and a City Council candidate had questioned whether the city should subsidize rents in the upscale beach area.
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