Confidential
Settlement – $2,268,000Judge
Court
L.A. Superior Central
Attorneys
Plaintiff
Defendant
Facts
The plaintiff, a Baltimore bank, acquired a 140 acres of prime ocean-view Malibu property through foreclosure. The plaintiff allegedly began a plan to sell the property to recoup its investment. The plaintiff sold 26 acres of the property to the defendant state's conservation authority, for $1 million. The plaintiff alleged it was unable to sell the remaining property, due the state's alleged efforts to make the property on marketable. The plaintiff brought this action against the defendant state based on inverse condemnation, declaratory relief and other theories of recovery.
Settlement Discussions
The settlement discussions were not disclosed.
Damages
The plaintiff claimed just compensation for the property was $9 million. The plaintiff also sought a declaration that notices of violation fled against the property were invalid.
Other Information
The settlement was reached approximately three years and one month after the case was filed, following the first of second day of trial. A settlement discussedcontinued for 12 months between the parties and were periodically monitored by the court.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390