Sold! Tres Hermanos Ranch Sells for Less than Half of Appraised Value

The Orange County Register reports that the City of Industry paid $41.6 million for 2,500 acres ($16,640 per acre) to establish a solar farm on the edges of Los Angeles, Orange, and San Bernardino counties. Industry initially offered $100 million for the Tres Hermanos Ranch, but submitted a second, discounted bid subject to restricting the land for public use, public facilities, and open space in perpetuity. Per the sale, establishing a solar farm would fall under the public use designation. The seven-member state oversight board tasked with selling off the land accepted the discounted bid on August 24. “The majority of the board voted and believed having open space has some value and goes above and beyond the financial aspects,” said Santos Kreimann, chairman of the oversight board and chief deputy assessor for Los Angeles County. Dissenters, including Kreimann, argued that Industry needed to provide plans to neighboring cities as well as partner with county agencies to ensure building of the parklands.
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