NORTHEAST GLENDALE -- Gregg Development recently completed an
appraisal of the Oakmont View V property, and is waiting on a separate
appraisal from an interested buyer, a Gregg spokesman said Friday.
American Land Conservancy has expressed interest in purchasing 238
acres in the Verdugo Mountains, but has yet to make an offer.
“We’re not negotiating with them or anybody else,” spokesman Allen
Brandstater said. “We authorized them to do an appraisal.”
Developer John Gregg has said the Oakmont tract was appraised at $46
million more than a year ago.
Brandstater confirmed his client recently completed another appraisal,
but would not disclose the price.
But he added the Greggs were promised an appraisal from American Land
Conservancy on March 1.
“The dollar amount certainly is the primary factor,” Brandstater said.
“Do they have the dollars?”
Jeff Stump, a property manager for American Land Conservancy, declined
to discuss Oakmont View V.
The conservancy is a national nonprofit agency that works with local
governments to try to preserve environmental resources.
City Manager Jim Starbird said Friday that potential Oakmont buyers
will probably call on the city for financial support.
“I expect at some point that [a potential buyer] will turn to the
city,” Starbird said. “At this point, we haven’t contemplated a sale.”
Brandstater admitted contacting council members Bob Yousefian and
Frank Quintero in an effort to delay Tuesday’s City Council vote on the
“The whole thrust of those talks was to try to separate the EIR vote
and the vote on the subdivision,” Brandstater said.
Instead of delaying its decision, the council voted 5-0 to deny the
project, a move Brandstater claims has diminished the property’s fair
“Apparently, the City Council wants war,” Brandstater said. “While
we’re willing to compromise, we are prepared to fight.”
Brandstater said his clients have not ruled out the possibility of
going back to court even if the property is sold.
“If American Land Conservancy ends up buying the property, that
doesn’t end our claim for damages from the city over the past 12 years,”
Brandstater said. “The Greggs have been seriously damaged financially.
Who’s responsible for that? That’s what the courts will decide.”