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Khalid Family Disposing of Infamous Banning-Lewis Ranch

COLORADO SPRINGS, CO-A Newport Beach, CA-based luxury homebuilder is taking an infamous Colorado property off the hands of its Saudi Arabian owner. The deal isn't expected to close until third quarter 2001.

By John Rebchook | Updated on October 25, 2000

COLORADO SPRINGS, CO-A Newport Beach, CA-based luxury homebuilder is taking an infamous Colorado property off the hands of its Saudi Arabian owner.

In third quarter 2001, Capital Pacific Holdings Inc. will take control of the Banning-Lewis Ranch, a 21,400-acre spread that is owned by billionaire Ibrahim Khalid. He bought the site in 1993 for $18.5 million, a year after the Resolution Trust Corp. failed to find a taker for a minimum asking price of $41.5 million.

The RTC had acquired the ranch during the savings and loan crisis of the 1980s, going down in record books as the single-largest project ever secured by the RTC, a Federal agency that had been tasked with property dispositions from failed S&Ls. The property makes up the entire eastern border of Colorado Springs, the state’s second-largest city. The Banning-Lewis Ranch also represents the largest loss to taxpayers of RTC-secured properties during the crisis. Records show taxpayers took more than a $200-million hit from the sale to Khalid.

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