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.
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