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LINCOLN, CA-Miramar Hotel & Investment Co. has sold 560 acres in the town of Lincoln, CA to a director of its company for $24 million.

Lincoln City Manager Jerry Johnson tells GlobeSt.com the land is part of the Twelve Bridges master planned development. The development is located east of Highway 65 and has both residential and commercial components.

The buyer is Miramar Chairman Lee Shau-kee, who owns about 43.7% of Miramar and founded its parent company, Henderson Land Group. Shau-kee paid $10.3 million for a 146-acre parcel and $13.7 million for another 421 acres, according to Miramar, which said it will use the proceeds from the sales to pay down debt owed by the subsidiary that made the sales.

Under the first land-purchase agreement, Lee’s company has the right to swap 22 acres of its new land for 22 acres owned by a Miramar subsidiary and adjacent to its new land. The deal offers Miramar no option to initiate a land swap of its own.

Shau-kee, 74, has been the chairman and managing director of the Miramar since 1976 and has been engaged in property development in Hong Kong for more than 45 years. Miramar said in a legal notice that the sale prices were negotiated on an arm’s-length basis. While the relationship of the buyer and seller made the transactions connected, their combined value is less than 3% of Miramar’s consolidated net tangible asset value and connected transactions beneath that level don’t require independent shareholder approval.

Lincoln is one of the fastest growing cities in the state of California. Between Jan. 1, 2001 to January 1, 2002, it was the fastest, growing by 28.2%. In July 2002, Placer County reported that Lincoln led all of its cities with a 36% increase in assessed value. The increase is attributed to the higher value for properties that changed ownership and to the continued high rate of new construction.

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