Dunes purchase sails before county

Paul Clinton

NEWPORT BEACH -- The two concessionaires planning to take over the

Newport Dunes Waterfront Resort have been deemed financially able to

run the popular resort, an Orange County official said Friday.

Real estate company Goldrich & Kest Industries, which is based in

Culver City, and Tahoe Shores have been in escrow with the current

owners to buy the resort’s lease, buildings and marina.

An in-depth financial review of the two companies’ ability to

manage and run the resort has been completed and the deal is heading

to the Board of Supervisors on Tuesday for a final approval, said

county management services director Bob Wilson.

“They panned out,” Wilson said. “We have some assurances that they

will be responsible operators.”

In a county staff report, Wilson recommends the board approve the

transfer of the lease to the new groups.

Tahoe Shores Ltd. and an operating group to be called Newport

Dunes Marina would run the resort.

On May 14, county supervisors passed on their first-right option

to buy the lease.

The county entered into an agreement with the Newport Dunes

Partnership on Feb. 16, 1989 to run the resort. Dunes General Manager

Andrew Theodorou could not be reached for comment on Friday.

However, Councilman Gary Adams said he was glad to hear the new

owners have the county’s blessing.

“Sounds positive,” Adams said. “The electorate wants the status

quo. I hope that’s what we’ll see.”

Adams said the city might schedule a few preliminary talks with

the new owners to determine whether they will exercise an option to

build a 275-room “family inn” on the land.

The state-owned land was approved for the hotel in a May 1983

settlement agreement, which also allows for expansion of the boat

slips, RV park, restaurant space and retail shops.

* Paul Clinton covers the environment and politics. He may be

reached at (949) 764-4330 or by e-mail at paul.clinton@latimes.com.