The parcel had been acquired on Thursday by the American Land Conservancy, which bought the parcel from LAACO Ltd. for $43 million. The organization then "turned around and sold it to the state," according to Alexander Auerbach, a spokesperson for LAACO.
"The history of this goes back more than a decade," Auerbach says. He explains that several non-profit organizations had been trying for years to get the property transferred over to the government, so that it could be used as public parkland. "LAACO was very supportive," he adds. "It was just a matter of putting together the funding."
LAACO will use the sale proceeds to reinvest in other real estate through a tax deferred exchange.
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