Mountain Funding—the bank that several years ago foreclosed on developer Bill Levy and his now-defunct plan to build a community of time-share condos around the Californian Hotel on the lower two blocks of State Street—is reportedly about to sell the project to an undisclosed developer, who owns and builds hotels in Los Angeles, for a tiny fraction of what it could have gotten but rejected three years ago. Such reports should be taken with more than a grain of salt, however, given the number of times similar variants have been rumored. Levy had secured approval for the project from City Hall, but went bankrupt and his famed “Entrada de Santa Barbara” has become an embarrassing construction pit.
