Margaret White Newhall died. Her estate was put into a new company and called the “White Investment Company”. It appears that the income generated from the newly formed company was enough to carry the company financially for a while. Because of that, they decided not to sell the Ranchos and took them off the market.
I find it interesting how things happen in life.
Five Point submitted its proposal for a public offering. On May 10, 2017 they became a publicly traded company.
Public hearing set for Mission Village and Landmark Village for July 18, 2017
July 18th, 2017 The Los Angeles County Board of Supervisors unanimously gave final approval for the tract maps of Mission Village and Landmark Village! After over 30 years, they can finally move forward with the beginning stages of the development of Newhall Ranch.
Newhall Land formally “folded” into Five Point. The name Newhall Land will no longer exist.
Lennar entered into a Contribution and Sale Agreement to combine their entities and become part of Five Point Holdings, Inc. “Five Point”
LandSource out of bankruptcy and under new control and new set of owners. Emile Haddad, former CFO of Lennar, to head the company. New Company is called “FIVE POINT”.LandSource out of bankruptcy and under new control and new set of owners. Emile Haddad, former CFO of Lennar, to head the company. New Company is called “FIVE POINT”.2015 Five Point Holding, Inc. announced it submitted a draft registration statement to the U.S. Securities and Exchange Commission for a possible initial public offering of Class A common Stock. Later declined offering.
LandSource and Newhall Land and Farming filed for Chapter 11 Bankruptcy – CalPERS lost its entire investment in NEWHALL RANCH because of the bankruptcy during the economic down turn at the time.
Lennar and LNR sold 34% interest in Land Source Communities to CalPERS for $970,000. Lennar retained 32% stake in Newhall Ranch with rights to the first option to purchase land owned by the mutual partnership.
After 121 years of family ownership, Newhall Land and Farming as a family company ceased to exist – Lennar Corp. purchased Newhall Land and Farming, owned 50% by Lennar and 50% by LNR / Land Source Communities Development LLC. It ends being a publicly traded entity.