LOS ANGELES (CelebrityAccess MediaWire) — Bloomberg is reporting that billionaire mogul Philip Anschutz, who is looking for taxpayer support in the construction of a new $1.4 billion football stadium complex in downtown L.A., recently bought out a business partner in a hotel venture.
According to Bloomberg, Anschutz bought MacFarlane Partners fund's stake in the Anschutz-led Ritz-Carlton and JW Marriott hotels and attached condominiums that are a part of AEG's L.A. Live entertainment district.
Unfortunately for Mr. Anschutz, the stake was sold at a loss for McFarlane's investors, which includes the California State Teachers’ Retirement System or Calstrs, the second largest pension system in the U.S. While the exact losses are unknown, the pension had invested $300 million to the fund in December 2006 said Ricardo Duran, a spokesman for the fund told Bloomberg.
The pension invested in the MacFarlane Partners Urban Real Estate Fund II as part of $1 billion raised from various pension funds. McFarlane Partnership president/managing partner Gregory M. Vilkin declined to comment on the sale. McFarlane Partners resigned from managing Calstrs in 2009. – CelebrityAccess Staff Writers
