California real estate empire faces fire sale risk in court fight
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California real estate empire faces fire sale risk in court fight
By Steven Church, Bloomberg A portfolio of valuable California properties, including a hotel in the exclusive enclave of Laguna Beach, may be forced into liquidation at fire-sale prices because of a bitter court fight between the owners. Some of the properties were once valued at a collective $360 million and sales of these assets should cover debt put on them over the years, according to court filings. But a court-supervised sale process has fa…
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