News: Bonfante Gardens sells land

Posted at 10:24 PM EDT (0224 GMT)

May. 30th, 2005 -- The botanical-based Bonfante Gardens theme park will sell off some of its land in an effort to pay back some of its debt. Officials in the city of Gilroy have approved a sale of 32.9 acres to a developer who will build 117 houses on the land.

The move will lower Bonfante Gardens' debt from $70 million to $12.5 million. The theme park, which opened in 2001, has been failing to meet projected attendance levels. It is currently managed by Paramount Parks.

Visit the San Jose Business Journal for more.