Announcement Expected on Sale of Part of Oxnard Real Estate Empire : Business: City leaders cite assurances the unidentified buyer plans to rehire most if not entire work force of Martin V. Smith & Associates.

Real estate mogul Martin V. “Bud” Smith is expected to announce today plans to sell a sizable portion of his real estate empire, according to city officials.

Although Oxnard-based Martin V. Smith & Associates, which has nearly 1,000 employees, could soon be owned by an unidentified firm, Councilman Tom Holden said city leaders were assured that the new owner intended to rehire most if not all of the current work force.

“My understanding is that all the employees will receive a notice,” said Holden, adding that he did not know the identity of the new owner. “But we’ve been assured that the [new] company will not bring its own management here, and that they plan to hire the MVS employees.”

Richard Spencer, executive vice president of Martin V. Smith & Associates, would only confirm Thursday that Smith had sent layoff notices to the company’s 975 employees.

Spencer declined to specify exactly how many employees were sent notices or what properties would change owners, adding only that an announcement would be made today.

“I think it’s an important announcement considering Mr. Smith’s reputation and stature in the county,” said Spencer, Smith’s chief assistant for more than 20 years.

Smith, one of Ventura County’s wealthiest men, owns more than 200 properties between Santa Maria and Calabasas--a portfolio valued at more than $150 million.

His real estate holdings include the Wagon Wheel Motel and bowling alley complex next to the Ventura Freeway, the Oxnard Financial Plaza, hundreds of apartment units, 25 restaurants, nine hotels including the Casa Sirena Marina Resort near Oxnard, two mobile home parks, three gas stations, and a small rail line.

Speculation that the 79-year-old Smith would retire and sell many of his properties has heated up in recent months. Just three weeks ago, Spencer and another Smith executive dismissed such speculation as inaccurate, saying Smith would “die with his boots on.”

Smith recently wrote to members of one of his limited partnerships that he wanted to end the association because he is contemplating retirement and was trying to sell his real estate holdings. The partnership, Del Norte Properties Inc., was automatically set to end this month after 30 years.

The group, which has 24 partners, owns 30 acres on Central Avenue in Camarillo near the Ventura Freeway. The site includes the Del Norte Inn and the Country Inn at Camarillo--both of which Smith owns independent of the partnership--several restaurants and office buildings.

Several of Smith’s employees, who asked not to be identified, said Thursday they had been told an announcement on the firm’s future would be made before the end of the year.

Councilman Andres Herrera said city officials were told by Smith’s company that the workers’ jobs would end in February. After that, the new owner would very likely hire the majority of them to continue operations.

“It’ll just be the same employees working for a different person--that’s what we’ve been told,” Herrera said.

Despite the rumors, Herrera said he was taken aback by the idea that Smith was thinking of selling the heart of his real estate business.

“I knew his enterprise was under consideration by several buyers,” Herrera said. “Some of them have contacted us to ask about his operations. But this is the first I’ve heard of this.”

Holden, however, said that while he also had not heard of Smith’s plans until Thursday, he was far from shocked.

“It’s no surprise, really,” Holden said. “He’s had much of his property on the market for a long, long time.”