Oh Well, Pooh

On January 5, 2005, 3,719 acres of the former MCAS El Toro property were officially made available for sale to the public via an online auction process. After six weeks of active bidding (with very little activity during the first five weeks – similar to behavior in online auctions at EBay), the auction was closed on February 16, 2005, with a joint venture partnership between Lennar Communities and LNR Property Corporation as the sole successful bidder on the entire property. The sale closed on July 12, 2005 for $649.5 million. As such, the sale of MCAS El Toro has been hailed as the most successful Base Re-Alignment and Closure (BRAC) installation sale/transfer to date. The proceeds realized from the sale will be used to fund further BRAC project activities nationwide, and will also be utilized to offset costs associated with all ongoing environmental stewardship activities at El Toro and other BRAC installations.

And it’s not gonna be an airport either. How sad is that? Vaya con Dios, El Toro.

One Response to “Oh Well, Pooh”

1. Mr. Bingley says:

   September 12, 2005 at 4:06 pm

   El Toro Estates coming soon.