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The Del Mar Fairgrounds may have a new owner soon. The city of Del Mar has reportedly struck a deal with the state to make the multi million dollar purchase.
The Del Mar Fairgrounds is a landmark in San Diego. It's no secret the state is facing major budget problems. So as a way to bring in money, governor Arnold Schwarzenegger decided to sell the property.
Every year, the Del Mar Fairgrounds hosts about 350 events, including of course the races and the County fair. It's a major source of income for the area.
Wednesday night, behind closed doors, a preliminary deal was reached to sell part of the property for $120 million, according to the San Diego Union-Tribune. That would buy about 400 acres.
Lawmakers are set to vote Thursday in Sacramento on a broader state budget that will reportedly include this deal between Del Mar and the state.
This idea has been considered now for a while. In fact, last year, the city of Del Mar hosted community meetings to get a feel for how welcomed a purchase would be. Even back then, some residents had concerns.
“The fair would probably go in the drain just like people have taken away our national parks under other management and mismanagement from other places instead of community people taking care of the fair,” said John Robinson.
A few months back, the fairgrounds general manager said there wouldn't really be any changes as far as the events that are hosted here. He also said there wouldn't really be any major property developments any time soon.