Report: Ranch not likely to be sold

A newly released Newport Beach-sponsored study of possible sources of public funding to buy Banning Ranch doesn’t bode well for those who want to buy the land and preserve it as parks and open space.

In a report to Newport Beach city officials, consultant David Myerson found that there probably isn’t enough public money to purchase the 400-acre chunk of land in a reasonable amount of time.

A large piece of undeveloped land that butts against West Coast Highway, the land could cost as much as $138 million to $158 million.

Developers want to put homes, retail space and a small hotel on Banning Ranch.

“It does not appear that sufficient funds would be available to acquire the entire 400-plus acres of the Banning Ranch in any reasonable time frame,” Myerson wrote in his report. “Local funding sources might be more readily available, but not at the level that would make possible a successful acquisition transaction of the Ranch.”

The City Council is slated to discuss the findings of the report at a study session at 3 p.m. Tuesday.

— Brianna Bailey