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Marblehead Sale Hits a Snag

Efforts by the Lehman Brothers bankruptcy estate to sell off the residential portion of the Marblehead development in San Clemente have hit a snag.  The potential buyer is rumored to be Taylor Morrison, an Arizona-based homebuilder.  According to the OC Register:

A Builder Magazine article published in January said Lehman got 11 bids, and Bloomberg reported that some offers came from as far away as Asia and the Middle East. The parcel could sell for $210 million to $235 million, or at least $700,000 per lot, Builder Magazine reported.

In mid-January, “Lehman narrowed the bidders … to four homebuilders: Taylor Morrison, The New Home Co., Toll Bros., and a joint bid by Standard Pacific Homes and Brookfield Residential, the magazine said.”  San Clemente city officials reported last week reported that Taylor Morrison was the winner, but this week the sale has apparently hit a snag.  Entitlements will permit the buyer to build 308 residential units on the property.

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