Around 330 acres of farmland that once belonged to Fresno\u2019s Assemi family has been sold, according to new reports.<\/p>\n
Property records show that Mission Ranch, which lies in southwest Fresno spanning from W Whites Bridge Ave to Church Ave, roughly between S Marks Ave. and S Hughes Ave., was sold to Nader Malakan. McClatchy first reported the sale.\u00a0<\/p>\n
The backstory: Two years ago a federal judge appointed a receiver to oversee the Assemi family\u2019s farming operations after lenders accused the family of defaulting on over $705 million in loans.\u00a0<\/p>\n
Court documents showed that the Assemi family had over 50,000 acres of distressed farmland.\u00a0<\/p>\n
The big picture: Malakan, the owner of Malakan Diamond Company, purchased the land for an estimated $14 million through Running Stallion Ranch LLC.\u00a0<\/p>\n
The sale took place on Jan. 9 through court-appointed receiver Lance Miller, according to property records.\u00a0<\/p>\n
While brokerage Pearson Realty put a $16.6 million price tag for the property \u2013 $50,000 per acre \u2013 county records show that a transfer tax amount came in at $15,400 for the sale, which puts the estimated price at $14 million.\u00a0<\/p>\n
Flashback: The Assemi family previously planned to develop Mission Ranch as a golf course and housing development that would be called Running Horse.\u00a0<\/p>\n
Long before he was president, Donald Trump was one of the investors who had been in talks to acquire and develop the property.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Around 330 acres of farmland that once belonged to Fresno\u2019s Assemi family has been sold, according to new…\n","protected":false},"author":2,"featured_media":154225,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[112,114,113],"class_list":{"0":"post-154224","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-fresno","8":"tag-fresno","9":"tag-fresno-headlines","10":"tag-fresno-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/154224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=154224"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/154224\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/154225"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=154224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=154224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=154224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}