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U-T San Diego has revealed on its North County website that it has entered escrow to sell its 4-acre Escondido site -- former home of the North County Times -- to Classical Academy charter school. U-T got $7 million in the deal, it says. In September, it paid $11.95 million for the North County Times. The seller was Lee Enterprises. U-T Chief Executive Officer John Lynch said U-T will have two North County sites, in Oceanside and Escondido. The U-T plans to sell or lease its warehouse/office facility in San Marcos.

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Comments

Burwell Oct. 27, 2012 @ 6:47 p.m.

The Classical Academy charter school is part of the Escondido Union High School District, which is broke. In 2009 the district borrowed $27 million using capital appreciation bonds. According to Will Carless, the $27 million bond will balloon to $247 million by the time the piper is paid. Now, the District wants to borrow $25 million more to build another gold-plated fantasy school on the North County Times site. The District will probably have to issue more capital appreciation bonds and defer interest and principal payments on the next generation, as the District is currently broke. The $25 million will probably swell to $250 million when the bill is paid. The school districts are deliberately attempting to bankrupt the state in an effort to force a massive tax increase upon taxpayers.

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SurfPuppy619 Oct. 27, 2012 @ 7:59 p.m.

The school districts are deliberately attempting to bankrupt the state in an effort to force a massive tax increase upon taxpayers.

The teacher pensions will be bankrupted also,

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Don Bauder Oct. 27, 2012 @ 9:08 p.m.

I doubt that school districts are deliberately attempting to bankrupt the state. But I agree that capital appreciation bonds are an abomination. Best, Don Bauder

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Don Bauder Oct. 27, 2012 @ 9:05 p.m.

Are charter schools the answer in American education? I have my doubts. Best, Don Bauder

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SurfPuppy619 Oct. 27, 2012 @ 7:57 p.m.

ANYONE who issues CAB should be shot dead. And then their family.

In fact it is HARD to imagine anyone with a college degree, or who has even a trace of basic common sense, would ever take out capital appreciation bonds.

Of course the bright side is idiots who are this stupid - only a gov entity, usually school districts- will absolutely file BK and the bond holders will be penniless, which is what happens when greed takes over common sense.

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Don Bauder Oct. 27, 2012 @ 9:09 p.m.

Politicians like capital appreciation bonds because they are out of office when the gooey stuff hits the fan. Best, Don Bauder

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SurfPuppy619 Oct. 27, 2012 @ 9:54 p.m.

Don, the ONLY time I have ever heard of anyone using CAB were the school districts. And it was recently, the last year......I could NOT BELIEVE my ears when I heard what they were........it was just unbelievable.

But I should have known better- this is the gov we're talking about here........

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Visduh Oct. 27, 2012 @ 8:03 p.m.

Where these charter schools are getting the funds to buy up property and develop it into schools is not a clear matter. The "chartering" districts have some obligation to provide instructional facilities for their charter schools. There is no requirement that the district provide costly or "gold plated" classrooms or campuses. I must disagree with Burwell when he describes this school as "part of the EUHSD". The charters are afforded a great deal of freedom and are usually permitted to run their own operations as they see fit. Usually the chartering districts shirk their responsibilities for oversight of the charters, and the usual result is that the school under-performs, or is scandal-ridden. (Think about the Eagles Peak charter school that was operating in Vista, yet chartered by the tiny Julian Union High School District. It had its charter yanked for financial mismanagement and impropriety.)

Regardless of who bought the NCT Times property, it makes it clear that the NCT will have little or no freedom from U-T dictates, and that as far as keeping the two papers separate and distinct, you can kiss that off.

Please note that Dougie and Johnnie are still playing the real estate game with the papers. They shell out just about $12 million for the NCT and sell its location building for $7 million, meaning they spent $5 million for the paper. As to whether it is worth anything it debatable, but there may be more financial angles in the picture. Just what those two crooks have in mind for the whole SD County news market is not clear, but it is coming into focus fast.

Another sad day for journalism in the county.

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Don Bauder Oct. 27, 2012 @ 9:14 p.m.

At least on the surface, Visduh, it appears that Manchester made out well in the purchase of the NC Times. I know there is at least one Wall St. analyst who thinks Lee Enterprise should have gotten more than $11.95 million for the NC Times. Best, Don Bauder

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SurfPuppy619 Oct. 28, 2012 @ 12:41 a.m.

Better than the new UT-have you seen it??? Looks like a "Weekly Reader" from K-6 (remember those!! http://www.weeklyreader.com/classroom-magazines-for-kids/ ) .

In fact the San Diego Reader now rivals the UT IMO, in most if not all areas (except for daily news coverage).

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Don Bauder Oct. 28, 2012 @ 6:52 a.m.

Let me put in a plug, SurfPup, for the Reader. I think it does a great job tailoring the content to reach a younger market. I also think that much if not most of the time, it's the one publication that eyes the San Diego power structure with a skeptical eye. In short, you get the truth from the Reader. Best, Don Bauder

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Don Bauder Oct. 28, 2012 @ 6:49 a.m.

Mindy1114: According to Wall Street's Gabelli & Co., the North County Times's annual revenue had dropped from $60 million around the year 2007 to $27.6 million in the last 12 months. If true, that would be quite a drop. Some analysts were disappointed that Lee Enterprises got only $11.95 million for the Times, but if the revenue drop was that severe, the price could have been justified. Best, Don Bauder

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