Tuesday, October 27, 2015

More bits to add to the Hammer building deal

We noted in a posting yesterday that there were some puzzling aspects to a real estate deal announced by UCLA in which it was buying the building containing the Hammer Museum for something over $92 million from Occidental Petroleum.

The Hammer Museum, or so it was reported, had an option to buy the building (in the future) for substantially less.

Different news accounts seems to have different pieces of the transaction. The LA Times' version has this statement:

...As part of the real-estate negotiation, the museum said it has received a $25-million cash payment from Occidental...

Full story at

So is the $25 million the reason the higher price was paid? It would be nice if UCLA released a detailed explanation.


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