$95 million for a racetrack parking lot?

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As the California Horse Racing Board and Thoroughbred interests in the Golden State grapple with the feared demolition and closing of Hollywood Park as early as next fall, the owners of a 60-acre parcel of land currently used to park cars and horse vans at the Inglewood, Calif., racetrack have put the property on the market.

The owner of the property, which Hollywood Park track president Jack Liebau said is WalMart, has listed it with CBRE (formerly Coldwell Banker) of Los Angeles with an asking price of $95 million. The land, immediately to the south of The Forum (one-time home of the Los Angeles Lakers and Kings, purchased recently by Madison Square Garden and expected to undergo extensive renovations), runs along Pincay Street from Prairie Avenue to the east and borders the outer racing oval from approximately the quarter pole to the three-eighths pole. The parcel being peddled also includes the entrance to the stable area from the north.

The listing claims the property is the “largest available undeveloped urban in-fill land site in Los Angeles County.” It is zoned as commercial-recreation.

CBRE’s overview says the land may be used for “retail, single-family and multi-unit residential, or business park,” and states that it is in the “middle position among three exciting redevelopment opportunities in south Los Angeles County.”

Directly to the south, the overview states, is “Hollywood Park Tomorrow, a 238-acre mixed-use development site owned by Bay Meadows Land Company. Reportedly, construction will begin in 2013 on their multi-phase master planned community.”

The California Horse Racing Board and Thoroughbred Owners of California have recently had talks with officials of Fairplex Park and Los Alamitos for possible expansion of those facilities in the event Hollywood Park closes for good after the 2013 spring-summer meeting.

In addition to the talks with Fairplex and Los Alamitos, TOC officials have met with representatives of the Stronach Group, including owner Frank Stronach, about a long-term lease agreement for horsemen to operate Santa Anita Park.

CORRECTION: The original version of this article incorrectly listed Bay Meadows Land Co. as owner of the property.

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  • Second Watcher

    “Reportedly, construction will begin in 2013 on their multi-phase master planned community.”
    BMLC (Terry Fancher, Jack Liebau, Jerry Jamgotchian) threw up the same b.s. six years ago when they told the racing community that Bay Meadows racetrack would soon be developed into a planned commercial, retail and housing development.

    The city and county of San Mateo bought it. The CHRB bought it. Most people in racing bought it.

    The grandstand, barns, track and everything else was bulldozed. But no development ever happened. The property sits vacant today, generating only a fraction of the taxes it used to create. The government officials who embraced the notion of “millions in new revenue” from the development have been recalled or otherwise removed from office.  I wonder if they still take the word of Fancher, Liebau and Jamgotchian.

    BMLC is not a developer; it wants to sell the property to a conglomerate that is. That’s what it did in San Mateo. 

    Keep your eyes wide open when you read anything from BMLC. 

  • Jerry

    ***********NEWS FLASH TO CA OWNERS, TRAINERS AND FANS*******************

    Thanks to your “leaders” at the TOC and CHRB, the list of CA racetracks, racedays, races, dreams, purses, jobs, horses and trainers will SOON be significantly reduced again.

    If you want to stay in upper level horseracing, it’s time to move east like many people already have or just realize that your career and dreams will not be “long term” until you leave CA.

    If not, it’s time to find a new profession because CA horseracing will only get worse from here unless of course you want to be in the quarterhorse industry and work nights!

  • roger

    I wonder what plans Madison Square Garden execs have for the old Forum site? The maximum amount of cars on that lot was only 7,500 thus the need for the parking space across the street on the HPark lot……..the same property now up for sale that use to house thousands of cars for Lakers and Kings games plus concerts. 

  • roger

    Actually the amount of cars was 1/2 that number….was thinking potential numbers of fans at that lot.

  • Second Watcher

    Where are you, Liebau and Fancher moving to?

  • No Penalties in Horse Racing

    Or claim horses and try to run them before they are out of jail.

  • MA

    That area is also used as straw storage and parking for horse moving vans and stable employees.

  • Randyp

    Ray,
    That land is not owned by Bay Meadows land company or any co-owner of Hollywood Park. It is owned by Walmart, who has sat on it for years after city blocked the building of a super walmart store.
    Bad headline Ray….do some research!

  • FIVE2_THREE

    This is only the first boot to fall. CA is broke and it’s only a matter of time before the tax payers of CA will stop funding horse racing all together. WHAT A MESS

  • Sandy

    You are correct.  Ray has his facts wrong

  • Francis Bush

    $95 million seems quite a sum. A reasonable question might go something like this, could a huge gaming organization recover this amount of money in a short time if they purchased the property?

  • LongTimeEconomist

    BMLC is merely a real estate broker.

  • Dr Dre

    95 million to live in Inglewood……..I think not

  • Lost In The Fog

    Please explain how the taxpayers of CA are funding horse racing.

  • Lost In The Fog

    While I’m no particular fan of the TOC or CHRB they are certainly not the ones responsible for the demise of Bay Meadows or the looming demise of Hollywood Park.  

  • Garygamble

    That’s where I taught my wife to drive.

  • Swiss305

    The developers who own the property think they will sell high-end, high-priced housing surrounding public parks in an ungated community in the center of Inglewood and right under the landing approach to LAX. I’m with you–I think not too.

  • ZippelBayWalleye

    All Walmart has to do is tell Trump that Obama’s ‘real’ birth certificate is buried under the parking lot and voila property sold! 

  • FIVE2_THREE

    have you ever heard of the word SUPPLEMENT ? go look it up
     

  • WILLIAM L. ANTON

    FANCHER AND LIEBAU:  NOTHING MORE THAN THEIVES AND CROOKS IN MY OPINION!!!! I sat in on many meetings and the CHRB bought it, so did the TOC.  They never should have allowed those two (BMLC) to buy HollyPark. However, they are eating Bay Meadows at this time. For those of you in the San Mateo area, where you in the Sacto area (during a CHRB meeting, (on T.V. I might add) when I all but called Leland Yee (State Senator) a liar? I also challenged Liebau for his BS also?? Jack was very upset with me.  The truth hurts, now we pay for it and they line their pockets with money. We as Owners and trainers only have ourselves too blame. Those meetings are open to the public, enough said, I fought my fight, now it is your turn.

  • Lost In The Fog

    As usual a flippant answer with no details.  In point of fact racing in CA generates far more in state and local tax revenue than any “supplement” that flows the other way.

  • FIVE2_THREE

    Don’t worry, when Frank is done with you boys you will be even further lost in the fog.

  • Randyp

    With Madisom Square Garden paying about $650,000 an acre for the 37+ acres for the forum across the street one would imagine that this parking lot priced at $1,585,000 per acre is going to be on the market along time!!!!!!!!!!!!! Housing and commercial properties are still in decline in this area and the job market is a disaster! Holding a losing hand!

  • Jeffrey H.

    And mentioning Frank Stronach in this makes me very concerned that more tracks are about to Close up on TVG’s end and makes the viewers get shutout, it almost seems this is a form of a threat Frank Stronach wants people to switch to Dish Network and eliminate DirecTV because of Political issues, Frank Stronach is pushing us to switch providers for TV coverage.

  • Kris

    Thank you, Lost In The Fog.  I’ve called out FIVE2_THREE before about his/her fictional subsidy that horse racing receives from the state. California is one of the few states left that actually earns its own keep.

  • Lost In The Fog

    I see you are still avoiding answering the original question.  That’s usually what happens when someone can’t support their argument.  Never let facts get in the way.  Maybe you should run for office.

  • Barry Irwin

    It in the inside pocket of Jimmy Hoffa’s jacket. Marje Everett slipped it in there just before the concrete was poured.

  • DMH

    When Hollywood Park (and the rest of CA tracks) get Instant Racing games in, we won’t be having this conversation.  The money those games bring in at the tracks that have them is astounding.  Just look at what the tiny racetracks inupopulated areas are doing with just a few hundred of the ‘historic racing’ games there.  The sky is limit in urban areas of CA.  And HolPark may just need that parking lot!!

    Anyway, the land is owned by Walmart, and they are not too friendly with the City, so I would imagine they want to get out for the highest price they can, or they are just as happy doing nothing there.  MSG is probably looking at it, but at that price, they will likely pass.  The real estate group is mereltryig to do their best at making the site look desireable.   

  • Rizkidsracing25

    The Los Alamitos is the best site for expansion. I idea being fairly close to the coast for cooler weather than inland. Not a bad position to attract Newport and OC residents and still close enough for LA folks.

    CHRB should have tried to put a new property together where the Big Park is by ElToro off the 5 Fwy

  • http://www.facebook.com/rosetta.jacksonlott Rosetta Jackson-Lott

    I’ve lived in Inglewood for 26 years. There are so many of sick and tired of developers and others coming in our community with plans of always tearing down and never coming through with the plans to improve. There are a lot of citizens in Inglewood who are oppose to tearing down hollywood park and putting homes when we over run with homes for sales and foreclosures. We want someone to come in here and see the potential of keeping hollywood park and improving on the land with it there. We have talked to this mayor (who we are not supporting in the next race for mayor in inglewood) about what the people of Inglewood want. “WE NEED MORE JOBS IN INGLEWOOD, NOT MORE HOMES”. Why don’t they consider making that a first of it’s kind entertainment complex. We have express to this mayor we’re tired of going out of our neighborhood for entertainment. We would love to have a movie theater or a bowling alley, some outlet stores, sit down eating area.

    All of that would be perfect right across from the form with it’s new renovations. This is money we can keep in Inglewood instead of spending it in other neighborhoods.

    I wish someone could see what a great investment this would be. Look where entertainment complex is centered, between manchester and century blvd. direct traffice to LAX airport. I wish someone would get a clue.

  • http://www.facebook.com/rosetta.jacksonlott Rosetta Jackson-Lott

    Hello Mr. Anton there are a lot of residents in Inglewoodwho do not know whats going on because the Mayor has not had any meetings regarding this matter or nor has Betfair and we deserve to know whats going on. A lot of us want Hollywood Park to stay where it is. This is a historical land mark and this mayor and others want to tear it down. We need more people to know whats going on and fight with us.

  • http://www.facebook.com/rosetta.jacksonlott Rosetta Jackson-Lott

    The name “Los In The Fog” speaks for it’s self. No explanation needed.

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