18 Miles Of California Coast For Sale

The Hearst family is interested in selling most of the 18 California coastal miles of land the family has held since 1865.
February 20, 2004, 5am PST | Chris Steins | @urbaninsight
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"If you never realized how much the Hearsts hold, you're excused... Thwarted for years in their efforts to develop housing or a resort on parts of the ranch, the Hearsts now want to sell most of these 18 coastal miles — some 1,121 ocean-adjacent acres — to a conservancy that would then pass the land to the state... The proposed sale price is $80 million plus $15 million in tax credits, which the Hearsts expect a pending appraisal to show is far below the land's value on the open market."

Thanks to Chris Steins

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Published on Tuesday, February 17, 2004 in The Los Angeles Times
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