Six Flags Magic Mountain to become full-fledged resort? - Page 2

Zingoman · #16 10-10-2005, 02:53 PM

Why doesn't six flags own that land? I alway wondered why the park did not extend out into all the empty land around it. That sucks.

Sir Willow · #17 10-10-2005, 03:35 PM

Quote:

Originally Posted by Chris L

Wrong. Time Warner Inc. bought the park from Newhall Land Development in 1979 for $51,000,000. A measly $250,000 profit that went into Newhall's pocket. Of course, the park's value is now more than triple that amount, but that's not the point I'm getting at

But about Six Flags' rights to use the adjacent plots of land - I'm guessing that would be correct. However, I believe it has always been an option for Six Flags to negotiate the acquisition of adjacent property that still belongs to Newhall, but considering the incredible debt load on their shoulders at the moment, it's not something they may be considering at the moment...

Check that again. As I recall, that price paid wasn't to own the land, but rather it was for a 99 year lease on it. I've seen several different places that have cited that it's a long term lease deal and that SFMM doesn't own the land.

So yes, they bought the park, and all of the stuff in it. But they didn't obtain the land along with it. At least that's what I recall the deal being. But I'm not positive on that. When I find some time I'll have to do some googling and see if I can turn up the specifics of the deal somewhere other than a coaster site.