The Rancho Santa Fe Association Board of Directors met Feb. 4 to discuss possibly selling part of the Osuna property. The Osuna property is a 28-acre property purchased by the Association in 2006 for $12 million in order to preserve, protect and prevent subdivision, this property is home to a working horse ranch as well, where 45 percent of the horses boarded are owned by Covenant residents.
According to board member Jerry Yahr, “There is an opportunity to take some component of net proceeds or built up reserves and that money could be put into preservation of the adobe, it could be put into improvement of open space and, at the end of the day, creat 10-12 acres that is viewed as more usable to the entire community.”
The board came up with three possible scenarios involving the property. The first would be to sell the property as is, valued at $8.96 million. The second would be to make improvements and sell the lots as a two-to-five-lot subdivision, that would generate somewhere between $3.8 million to $5.13 million in cash. The final scenario is a developer subdivision where the Association would sell the unentitled land to a developer who would manage the subdivision and assume all risk and expense, generating somewhere between $2.7 to $3.39 million in cash.
The board members ultimately decided that it was not yet the right time to move forward with any of these scenarios because if that property is sold there will be no revenue generation.