The $95-million deal to preserve an 18-mile stretch of coastal land that surround Hearst Castle in San Simeon, California, is being questioned as too generous to Hearst Ranch.
"The latest critique, from the legislative analyst's office, a nonpartisan fiscal watchdog, contends that the deal may be based on a faulty appraisal and lacks specific, enforceable provisions to protect wildlife and rare plants. It recommends that the state withhold endorsement until a closer analysis can be made... Under the proposed deal, the Hearst Corp. has agreed to sell more than 1,500 acres of land west of California 1 to the state and give up the rights to develop about 400 homes on the ranch's nearly 82,000 acres. In return, it would receive a total of $95 million, including $23 million in federal transportation dollars to preserve scenic highway views and $57 million from state conservation bonds."
Thanks to Chris Steins
FULL STORY: State Report Criticizes Hearst Ranch Deal
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