The parcel is part of the Big Wild, a 20,000-acre section of the Santa Monica Mountains that is roughly bounded by the San Diego Freeway, Will Rogers State Park and Ventura Boulevard in the San Fernando Valley. The Conservancy will get much of the money needed to complete the transaction from funds generated by Proposition 12. This bond measure was approved earlier this year by California voters to raise $2.1 billion to expand parks and preserve open space.
The seller is Avatar Holdings, a Florida-based development company. The final purchase price is still being negotiated, a Conservancy executive says.
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