New Owners for Naples?

ill buy that for a dollar!

The photo of Naples from the air is very beautiful.
Why does it have to be owned at all? There are so few places like it in the entire country.
Why not keep it in trust for the commonwealth of California, so that it can be enjoyed for generations to come?

MacMahler,
You've got the right idea, unfortunately you don't have $38 million dollars. If you know someone who does and is willing to preserve the property please speak up.

Simply Put, The Bank is in BIG Trouble. When Regulators get a hold of this, First Bank will have huge sanctions. Regulators and Courts do not like bait and switch games at all. Did anyone see who Osgood's Legal team is??? He has a team that rivals OJ's on the Civil side. Alan Rye's career is over. He is toast. Weather you like this project or not, in the current atmosphere against big greedy banks, you will see First Bank get spanked hard, as they should. First Bank is as dirty as a sock worn for a year straight by someone who does not bathe. Good new ad for First Bank, "First Bank The Dirty Sock Bank", We will lie ,cheat and steel to get all from you.

I doubt the bank is gonna get slapped. This Osgood guy is just trying to get some thing of what will quickly turn to nothing for him.

The article says:

"Osgood, for a period of six months, would retain the rights to manage the property, the rights to access it, the option to purchase it back for $50 million, and a first refusal right should an outside party make an offer to FirstBank"

So the six months started May 12...so he has a little more than 4 months left.

I think the banks can easily argue that they are preparing for the time period after the six months when he will probably lose rights and access to the property.

Unless the article is wrong....

Go home OC.

Greedy banks? What about the face of greed itself - Osgood's. For generations whoever owned that land forewent developing it, in spite of their rights of property. Property rights can reside in such hands, but lately those hands are of types like Osgood, who only see beauty as a developable asset and max return on investment.

@MacMahler: Second that emotion. But the land would have to be bought or condemned for the reasonable value in order to do that. It's not likely that the owner (the bank) will put it in an Ag preserve/ Williamson Act.

Much as it would be a shame to start any development on the Gaviota Coast, and therefore open up the whole area to development, there is little to prevent it. We Californians will have to pay to play and the State is broke.......

Snapolis,
You need to read the lawsuit. Banks cant just bait and switch. Osgood could have filed bankruptcy, re-organized and most likely retained the property for 30-50 cents on the dollar. When the bank offered the option, and failed to deliver the long form option, then went to Osgood investors and tried to end around him, they violated too many federal and state banking laws and regs to count. They violated trust, which in banking is a huge no no. My guess is you will become very educated in banking regs. Think about what Lehman did, amongst at least 300+ banks that have been shut down for crap just like this. It is called out of trust in the banking community. Watch how the FDIC regulators spank them. Mark my words, it will happen.

There is certainly no industry in America more trustworthy and ethical, and looking out for the public trust, than the Banking and Finance Industry.

David,
You have got to be kidding me. Have you read the news over the last 3 years?

Time to re-calibrate your Sarcast-o-meter, "rennergizer." It's rendering artificially low-levels.

I only read the article...don't have time for lawsuites etc.

Will OW please buy from OC man and then she can OWN her own patch of perfection known as Naples? May she use it to wander around this open space on the coast with her dogs and Dr. Oz and know that nature in all its finest has been protected by her largesse!

Chester_Arthur_Burnett,
Simply pointing out what the world seems to know about the failure of the banking system, institutions and funds that have fallen out of "Trust" over the last 3 years. Have you heard of Bernard Madoff??? There are a long list of financial institutions that have violated "Trust". Thank you for your comment.

Headline photo caption: "Osgood, who was caught smoking in the bathroom, is seen here being interrogated by the school principal"

@joer43 "For generations whoever owned that land forewent developing it, in spite of their rights of property. "

You're new to this party, huh? Development has been forefront on the minds of the owners of this property for.. well let's see... yes, you guessed it - generations!

and this bit in the article "Marc Chytilo... The bottom line is, we don’t care who owns it. We will fight any and all development plans at Naples.”

That's completely absurd. Look, the property has so damned many LEGAL parcels it looks like a patchwork quilt. Honestly, Osgood's plan was modest compared to that. What Chytilo is saying makes no sense... even if someone were to buy the whole thing and develop a single parcel on the beach side and one on the hill, he would still try to fight it? Sorry, that dog won't hunt.

I get it that there is this big "grass roots coalition" that has it in their heads that they somehow have more rights than whomever actually owns the land, but that's not the case. If a bunch of people rallied together to demolish any one of those 'grass roots' people's houses to build a park instead, they'd take a far different view.

Face it folks, SOMETHING is going to happen with that property and it won't be free love, butterflies, and magic unicorns abounding... there WILL be development of some sort. I'm just afraid that when that time comes, and no mistake -it will happen-, everyone might look back at the "Osgood plan" and say "Gee, I sure wish we had not been such idiots then, that was much better than what we have now"

You think that's not possible? Osgood was obviously not that well funded... think what a REAL "mover-shaker" could push through.

Try to see the forest through the trees....

Aman Cartoonz. A new developer will most likely sell of 150+ lots, and drink wine in the sun. The coalitions will be fighting 150 different land owners. What a mess that would be. The county would not have a way to stop that train. Legal lots can and most likely would be sold. The crazy part is under Osgood's plan, from the 101 you would not be able to see a house. The coalitions are trying to stop a plan in which they would never see a house. They are fighting the invisible.
I would also bet that anyone trying to stop development on the coast either lives on the coast theirselves or lives in a development in the county. A bit hypocritical in my mind. They would make their argument a lot stronger if they lived in a tree. What is even more incredible is how they attack Osgood for being from OC. They have no idea what kind of person Osgood is. Just seems extremely judgmental, and discriminatory. The comments of "go back to OC" are obviously by insecure, single minded, self centered, hypocritical, hateful, extremely unhappy individuals. Sad

Agg land is Agg land. Rezone = vote by the people not the politico's

A huge "go back to orange County"

And Legal Lots are Legal Lots (254 of them). That was already addressed by the California Supreme Court.

254 lots of orange, lemon and avocado trees or maybe just cows as it is a ranch...sounds good to me. I wonder who's going to build the streets, electricity, water mains and you know all that infrastructure stuff for 254 lots full of fruit trees.

Sorry Matt, er, rennegizer you are the only one who wants to see houses put there.

SA1,
First off my name is not Matt. Secondly, in the USA, we have free markets to determine if there are buyers for houses and lots. It appears you are against houses on owned properties. Do you live in a fruit tree, or are you simply being hypocritical? Please don't tell me you live in a house? If so, did you get approval of every person in the USA to live in that house? Do you own that house??? God forbid if you do. I do not remember anyone asking me if I approve of your personal property rights. Cmon SA1 wake up, this is a free country, and a free market. Is your EGO so large that you feel you have the right to speak for the rest of the world?? PS: I live in AZ. Do you feel that you have the right to speak for all of Arizona? Big Ego SA1, Big Ego

Free country, Free markets? Sounds like fifth grade civics class. Not sure what country you're living in. Osgood's hubris was trying to end around the county ag designation by going to court on a 100 year old document. We can see now his folly in that all those houses would now be underwater with the walk away "strategic" defaults. The rich are famous for not paying their bills. Osgood would have laughed all the way to the bank just like van wolfswinkle.

You wonder where all the tax bailout money went? To developers like Osgood and Wolsfwinkle who pumped the mortgage industry and dumped the overpriced housing on ignorant consumers. They walked away scott free (except maybe Osgood) and left all the states holding the bag. Heard much from the glutton that bought the Miramar? Didn't think so...

I happen to live within a few miles of this proposed enviromental slaughter...what dog do you have in this hunt renny? Need more housing out there in Az? Call Osgood, I hear he's not busy.