Museum move is likely

Director says he expects purchase of Balboa Fun Zone for Newport nautical museum’s new site to be made official this week.The executive director of the Newport Harbor Nautical Museum said late Wednesday that he expects a deal for the museum to buy the Balboa Fun Zone to become official by the end of the week.

“You get a once-in-a-lifetime shot at something like this,” museum executive director David Muller said. “Opportunity’s knocking.”

The museum is housed in Pride of Newport, a riverboat docked in Newport Harbor. The museum’s lease runs out in 2006, though its landlords, the Irvine Co., have agreed to let the museum extend its stay until it’s ready to move.

Loan documents key to financing the deal were signed Wednesday, Muller said. He anticipates that the funds will be transferred today and that the transaction will be recorded by Friday. Until everything’s official, the almost 70-year-old Balboa Fun Zone is owned by a company called Balboa Fun Zone Rides Inc.

The museum entered into a contract with Balboa Fun Zone Rides to buy the Fun Zone in the spring. Under the deal, Balboa Fun Zone rides would retain a 30-year lease to operate the Fun Zone’s Ferris wheel. Muller said the company would have year-to-year leases to operate other Fun Zone attractions, such as the merry-go-round and the bumper cars.

Though audibly enthused over the prospect of enhancing the museum at a new location, Muller said he still keeps a conservative perspective on the buy -- he doesn’t want to consider it a done deal until it’s recorded by the Orange County Clerk-Recorder Department.

Assuming the deal goes through as planned, Muller said the next step would be for the museum’s board of trustees to make a serious effort at planning the institution’s future. He wants the museum to educate and encourage people, especially children, to take an active interest in subjects like sailing, fishing and oceanography.

“The museum views our role to inspire,” he said.

Within six months, Muller expects the museum will have a visible presence at the Fun Zone, through something like an exhibit or display showing plans for the museum.

Balboa Fun Zone Rides president Joe Tunstall could not be reached for comment late Wednesday. Previously, he has expressed excitement about the deal and has said that he believes the museum’s move to Balboa Village would improve the area.

* ANDREW EDWARDS covers business and the environment. He can be reached at (714) 966-4624 or by e-mail at andrew.edwards@latimes.com.