Los Angeles residents and visitors are one step closer to enjoying a new public space with a breathtaking view of the Pacific Ocean from Pacific Palisades.
A public auction was held at City Hall this week to sell seven properties along the ridge of Potrero Canyon. The surplus property sold for more than $12 million. The properties went for more than the appraised value and sold for $3,010,000 more than the minimum bid asking price.
A list of the properties sold still needs to be confirmed by the General Manager of the Department of General Services.
During a recent City Council meeting, Rosendahl said the proceeds from the sale of the properties will go toward building the next phase of Potrero Canyon Park off Pacific Coast Highway.
The $30 million passive public park will have a hiking trail that extends from the Palisades Recreation Center and down to Pacific Coast Highway and the Pacific Ocean.
The park is expected to be completed in 2015.