IRVINE, CA-Locally based SunCal has closed on the purchase of three Southern California real estate developments for $71 million after winning an April bankruptcy auction related to Lehman Bros.' 2008 collapse. Lehman was both an equity partner and lender in the projects, which include one in Kern County and two in Riverside County representing more than 4,300 combined acres of land.

The three are McAllister Ranch, a 2,070-acre golf-course community in Bakersfield that has been entitled for up to 6,000 homes; McSweeny Farms, a 673-acre master-planned community in Hemet that is approved for 1,600 residences; and SummerWind Ranch, a 1,583-acre-property in Calimesa that is envisioned for over 3,600 homes.

SunCal's inning bid of $71 million for the three-property portfolio last month exceeded the individual bids for the assets. "As a result of the now-completed purchases, funds become available for the court-appointed trustee to pay claims of creditors in accordance with the trustee's plan," SunCal said in an announcement regarding the properties. The developments had been in limbo since 2008.