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November 2010 home page

  Balboa Bucks
Dave Druker | 10th Street

 

Balboa lots being auctioned off.  Photo Art Olson

On Wednesday, September 19, twelve people showed up with $10,000 checks to participate in an auction for the Balboa property. This property used to be the site for a water reservoir that was abandoned and eventually removed. The property has stood vacant since the late ‘70s. The City put a minimum acceptable bid of $3,485,000 - the amount due to retire the debt on the Del Mar Shores property.

Of the 12 people who wanted to participate, only 4 people made bids. The winning bid was for $4 million dollars. The final amount due the city is $4.4million with $200,000 going to the auctioneer and real estate agent and $200,000 going to the city. The winning bidder had until 5PM Tuesday, October 5 to deposit $100,000 in an escrow account and that was fulfilled. Escrow is due to close by Friday, November 12.


 
 

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