Bacara Perhaps Nearing a Sale

Cleanup from the Plains All American Pipeline oil spill at the beach off the Bacara Resort (May 23, 2015)
Paul Wellman

The Bacara Resort & Spa, just next door to the Venoco oil processing facility, has changed hands several times, most recently in 2013 when Ohana sold it to Pacific Hospitality Group for an undisclosed price. Ohana had bought the luxury resort from ADCO Group for a reported $104 million in 2011. The property is listed again, according to Kory Kramer, chief investment officer for the Irvine-based company, which is currently in negotiations with a potential buyer. Kramer would not comment on widespread rumors of who is on the other side of the deal or what the asking price is. According to county records, the assessed value for the 30-acre property approaches $200 million with its improvements evaluated to have cost $140 million.

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