Developer Wins El Toro Auction

Miami-based Lennar Corp. surpises observers and wins the auction to buy the former El Toro marine base in Irvine, CA.

1 minute read

February 17, 2005, 11:00 AM PST

"The nation's third-largest home builder won an unprecedented federal auction Wednesday to buy the former El Toro Marine Corps Air Station in Irvine, setting the stage for 3,400 new homes in the heart of Orange County and dashing the last hopes for an international airport there.

Bidding $649.5 million for 3,718 acres, Miami-based Lennar Corp. won the property in an online auction that the Defense Department has pledged to use as a model for the sale of future closed military bases. Previously, closed bases were transferred to local governments at little or no cost."

Thanks to Chris Steins

Read the full story: One Bidder Wins It All at El Toro

Thursday, February 17, 2005 in The Los Angeles Times

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