Garrett Harris 10:11 p.m., May 23
Copley Press Trying to Sell 22 Acres Adjoining Fox Hill
Copley Press is selling nearly 22 La Jolla acres with a beautiful view of the sea. The parcel adjoins Fox Hill, a legendary home on 7 acres that was formerly occupied by the late Helen Copley. That is not included in the deal. Prudential Realty advertises the parcel as "La Jolla's last, largest, most important 22-acre panoramic sea-view parcel." Price: $22 million. Says the ad, "ideal for low-density subdivision." It is not known if neighbors are complaining about the possibility of a subdivision being placed there. The acreage is accessed by Encelia, Country Club and Romero Drives. Fox Hill's address is 7007 Country Club Drive. The ad in the La Jolla Light does not mention the Copley name, but public records indicate the parcel is owned by Copley Press, which is owned by David Copley. As noted on a previous post, Copley Press is also trying to sell its corporate headquarters and library in La Jolla. The Fox Hill home and property are now used for social events, although David Copley lives in his La Jolla home that covers a full block. At one time, Helen Copley owned other real estate parcels in La Jolla, but I haven't learned what has happened to them. Copley Press effectively paid Platinum Equity to take the Union-Tribune last spring, when it sold Platinum real estate assessed at more than $100 million for a bit over $50 million.
Copley's non-profit foundation dropped $10 million in value from 2007 to 2008. Records show that the fair market value of its total assets for 2008 was $14 million-plus, down from $24 million-plus in 2007. On a book value basis, the drop was from $24 million to $18 million. It was formerly named the James S. Copley Foundation. It is now named the Helen K. and James S. Copley Foundation.