“A lot of people are hurt and angry” that the collection is leaving San Diego, says a La Jolla socialite, who thinks the contents should have been donated to a local institution. Prices for Americana are down about 30 percent now, “but that’s not necessarily true for books and manuscripts,” says an expert in the field. “Some of these items will bring huge, huge prices.”
The library building in La Jolla was originally advertised for $5.4 million as a possible home. “We’re in escrow,” says Rob Insinger of Prudential California Realty. The potential buyer “plans on using it for a library collection open to the public.”
The company put its La Jolla headquarters building at 7776 Ivanhoe on the market last fall. The price has been reduced from $11.5 million to $9.85 million, says Mike Slattery of Cassidy Turley BRE Commercial. “Most people are looking at using some space for themselves and dividing it and remodeling for small tenants,” he says.
The company is trying to sell 22 acres next to the late Helen Copley’s Foxhill estate for $22 million. But it won’t become a multihome development, says Greg Noonan of Prudential California Realty. “We would hope that we would find a buyer wanting a single parcel for a dream home or subdivide it into five or seven lots. There would be a tremendous amount of opposition if somebody wants to have density.”
Does David Copley need the money? After all, his $33 million yacht has a large staff. He is probably not hurting financially. He is remodeling Foxhill, and most think he has no intention of selling it.