Conservancy To Acquire Malibu Parkland

The conservancy will pay $7 million for a portion of the property. The rest of the land will be donated by the landowner in exchange for tax credits. Under a new state program, Alfred E. Mann, the owner, will receive tax credits worth tens of millions of dollars. He recently sold his company for $3.8 billion and says that he needs the tax credit. He also said that he is tired of tangling with the opponents of the development project that he had envisioned for the Malibu acreage.

Thanks to Gwenn Hilburn