Dozen bidders: Adams Canyon sells
for $6 million in court-ordered auction
November 04, 2015
By Peggy Kelly
Santa Paula News
Adams Canyon has new owners but although a partner said he did not want to reveal his name Santa Paulans will be pleased at the future of property north of the city.
]\“I’m surprised there’s so much interest, that’s good for us,” said Santa Paula City Councilman Jim Tovias about the approximately 80 people in the audience — including City Clerk Judy Rice and former City Councilman Bob Gonzales — at the October 29 auction, but few were bidders.
Held at the Courtyard by Marriott in Oxnard the auction brought out area ranchers, Realtors and others interested in the future of the canyon, long targeted for development.
The court ordered auction for the 4,658-acre canyon, located at 3035 Adams Canyon Road, was conducted by Hudson & Marshall with Bret Richards welcoming the crowd and explaining the terms of the auction.
Bidders had to pre-register with a $50,000 deposit for the property, called by Richards “A rare and wonderful opportunity…it’s very unique to have prime property in Ventura County,” available for what could be a below market price.
The December 18 deadline to close escrow with the successful bidder to pay for the property as well as assorted costs and fees said Richards is “A hard date…this is serious.”
The successful bidder among those that pre-qualified to purchase the property would have to leave a 10 percent deposit following the auction, minus the $50,000 initial deposit.
The property has $44 million in notes held by Wells Fargo Bank.
“Let’s see what this bad boy is worth,” said Richards who opened the bidding at $10 million then dropped it considerably to get the bidders’ attention.
In all only about a dozen people bid and the auction was over in a matter of minutes with the winning bid of $6 million, $1,288 per acre.
The canyon has farming and grazing leases on 90 acres. The auctioned property also included the water rights, 279 shares of Farmers Irrigation Company and four shares of Middle Road Mutual Water Company.
The successful bidder, who reportedly has a ranch in Wheeler Canyon, said, “Santa Paula is very nice,” and he and those in his group look forward to their as yet unspecified plans for the canyon.
“I’m just glad someone is going to do something with it,” that will benefit the city said Connie Tushla, a Chamber of Commerce Board Director and a member of the city’s Citizens Economic Advisory Committee who attended the auction.
Picturesque Adams Canyon has been the center of controversy for years: it was the subject of three previous development initiatives with final approval only coming in 2007, the second try for a reduced project of 495 homes (the original initiative called for 2,500 homes) barely passing.
In recent years LAFCo (Local Area Formation Commission) has tried to pull the canyon from the city’s Sphere-of-Influence, the last time losing their bid on a narrow vote.
LAFCo will again consider the canyon — as well as Fagan Canyon — in two-and-a-half years.
