Free Republic

As Gov. Arnold Schwarzenegger prepares to decamp from Sacramento on Jan. 3, he has displayed zealous determination to complete what critics say will be among the worst deals the state has ever made: the sale of 11 premier state office complexes to a group of politically connected private investors. ...California would pocket about $1.3 billion after debt is paid off, but would then be a tenant in the same buildings. According to the nonpartisan Legislative Analyst’s Office, the deal would cost taxpayers $6 billion over 35 years. ....Two prominent Bay Area lawyers sued to halt the sale, and the state...

According to state records, one of the investors in California’s $2.3 billion sale of 11 state office buildings is a Newport Beach company founded and run, until 2008, by Hadi Makarechian, a contributor of more than $314,000 to Gov. Arnold Schwarzenegger since 2003 and nearly $175,000 to ballot measures backed by the GOP governor. Makarechian, 62, a long-time real estate developer and investor, was appointed by the GOP governor as a University of California regent in 2008. ... Makarechian was traveling and unavailable, his office said. Kern said Makarechian was still an owner and officer of the company. In his...