Newport Beach-based developer Craig Realty Group was the high bidder in Thursday’s state-directed auction of the O.C. Fair & Event Center.
Craig Realty, a builder of outlet centers, put a winning $56.5 million bid on the 150-acre fairgrounds site.
The proposed sale of the land has drawn ire from locals concerned that it would lead to over-development at the site and the closure of the popular annual fair.
Efforts by lobbyists to prevent an auction fell short.
Steve Craig, chief executive of the developer, told the Orange County Register that he partnered with Dwight Manley, a Newport Beach-based sports agent, real estate investor and coin collector, in his initial bid.
Craig told the Register he would want the fair to remain at the site, but “there’s a number of things that can be improved.”
It’s unclear if the $56.5 million bid offered by Craig Realty will be accepted by the cash-strapped state, which had been looking to raise upward of a billion dollars by selling off several well-known properties throughout California.
The state has said the fairgrounds are worth $96 million to $180 million.
Craig Realty reportedly beat out Lake Forest-based Advanced Real Estate Services by $500,000 in Thursday’s bidding, which was overseen by the California Department of General Services.
