First Bank, who initiated the foreclosure proceeding, set a minimum bid of $50 million for the property. No one entered a bid, including the land's former owner, Orange County developer Matt Osgood, thereby making First Bank the new owner of the property. Naples had been slated for a massive development of 71 luxury-style homes averaging 8,000 square feet in size. Following last week's foreclosure sale, Osgood's development plans are uncertain at best.
"Last week's forced foreclosure sale of Naples is a testament to the work of our chapter, our partners, and all those who have never given up on preserving the Gaviota Coast," said Surfrider Santa Barbara chair Sandy Lejeune. "That an overwhelming majority of citizens both in and outside of Santa Barbara oppose development on the Gaviota Coast cannot be overestimated," Lejeune also said.
After 10 long years of struggle this victory has re-energized the Surfrider Foundation Santa Barbara Chapter! They continue to be on constant alert for any threats to the Gaviota Coast and are vigilant in their strategy of "constant pressure endlessly applied" to preserve the last remaining 20 miles of undeveloped coastline in southern California.
...ANYONE HAVE A SPARE $50 MILLION?
You can help the Santa Barbara Chapter in their efforts to permanently preserve the Gaviota Coast’s rural character and unspoiled nature for future generations to enjoy?
Sign the Petition to Preserve The Gaviota Coast.