Miramar Hotel & Investment Sells 560 Acres to Company Chairman

LINCOLN, CA-Miramar Hotel & Investment Co. has sold 560 acres in the town of Lincoln, CA to a director of its company for $24 million.

Lincoln City Manager Jerry Johnson tells GlobeSt.com the land is part of the Twelve Bridges master planned development. The development is located east of Highway 65 and has both residential and commercial components.

The buyer is Miramar Chairman Lee Shau-kee, who owns about 43.7% of Miramar and founded its parent company, Henderson Land Group. Shau-kee paid $10.3 million for a 146-acre parcel and $13.7 million for another 421 acres, according to Miramar, which said it will use the proceeds from the sales to pay down debt owed by the subsidiary that made the sales.