SACRAMENTO, Calif. — Gov. Arnold Schwarzenegger says it’s the wrong time to consider putting California landmarks up for sale — less than a month after he proposed doing just that.
He acknowledged Friday it was not "the best time right now” to sell state assets such as the San Quentin State Prison, the Los Angeles Memorial Coliseum and the California State Fairgrounds.
Also among the landmarks was the 187-acre Pacific Palisades ranch where Oklahoma native Will Rogers lived.
Schwarzenegger originally announced the proposal in May as part of his plan to address a $24.3 billion budget deficit.
The Republican governor said California could generate $3 billion from selling landmarks and buildings across the state.
The commercial real estate market is just one part of California’s economy that has been pummeled by the recession.
Real estate experts said last week that many of the locations would be undervalued if placed on the market now because the commercial real estate market is so poor.
Many potential buyers also might have trouble obtaining credit.
by the associated press
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