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<p>Concierge Auctions, which handled the sale, told the Los Angeles times that more than three dozen prospective buyers toured five-acre property in the last couple of months, including billionaires from across the US, Middle East and Asia.</p><p>However, when the auction opened on Monday, only five bidders from the US and New Zealand made offers on the 'white elephant' superhome, with the winning buyer remaining unidentified until paperwork is submitted to a U.S. Bankruptcy Court next week.</p>

In the midst of Sunday's presidential debate between Joe Biden and Bernie Sanders, Biden blurted out that his campaign's high-speed rail plan would take "millions of automobiles off the road." This is the second debate in which the former vice president brought up the belief that bullet trains will get people out of their cars. This is, to put it mildly, extremely unlikely. Biden's campaign site calls for "the construction of an end-to-end high speed rail system that will connect the coasts, unlocking new, affordable access for every American." Would bullet trains passing through major cities scattered across the U.S....

California High-Speed Rail Authority on Wednesday bumped its overall cost estimate for completing the rail line between San Francisco and Los Angeles to $80.3 billion, blaming inflationary increases and better cost projections... After years of embarrassing cost overruns and delays, managers of California’s ambitious bullet-train project insisted that they are on pace to meet a preliminary 2022 federal deadline for laying track along the first segment in the Central Valley. But that will use up virtually all the money the project has available. The authority’s latest business plan comes amid unrelenting pressure from state lawmakers, some of whom want to...

The $2.5 billion has already been spent — but California has failed to deliver the high-speed rail (on time, or at all) as promised. Therefore, the Trump administration argues, the state has to repay federal taxpayers. The Los Angeles Times quoted Stanford law professor David Freeman Engstrom, a Stanford law professor, describing Trump’s effort as a “nuclear option.” The practice of recovering money after a breach of contract, while common in the private sector, was virtually unheard of in government, he explained. “There is a reluctance to penalize misspending by local government agencies. … Almost never do those violations result...

a report from the Auditor of the State of California on the High Speed Rail Project ... To understand just how damning the HSR audit was, just consider the subtitle: “Flawed Decision Making and Poor Contract Management Have Contributed to Billions in Cost Overruns and Delays in the System’s Construction.” But like many government documents, the audit is couched in bureaucratic language that ordinary citizens may not understand. For that reason, below are the summary points as provided by the state auditor with accompanying translations. Auditor: “Although the Authority has secured and identified funding of over $28 billion that it...

Jerry Brown did not invent the idea of a high-speed rail system to connect Northern and Southern California. It was voted on by the state Legislature and ratified by voters years before he returned to the governor’s office in 2011. But for the last eight years, as cost estimates have skyrocketed and federal and private sector funding for the project has evaporated, Brown has become high-speed rail’s most persistent defender. Only weeks away from the election to replace him, neither candidate for governor appears to share the depth of Brown’s commitment to a statewide rail system. Fellow Democrat Gavin Newsom...

The California High Speed Rail Authority (CHSRA) surprised local communities on Wednesday by proposing a controversial Burbank-to-Palmdale route featuring above-ground tracks. The Los Angeles Times reported that the proposed 38-mile track alignment will cross the San Gabriel Mountains via a series of at grade sections and five separate tunnels. The bullet train’s original route, offered in support of the SB 1856 bond measure passed by the California Legislature in 2000, proposed to follow the Interstate 5 Freeway and tunnel under the 4,144 ft-Tejon Pass to link Los Angeles and Bakersfield.

California's biggest boondoggle just broke the bank. Not only is the massive high-speed rail project 11 years behind schedule and billions in the red, managers are now saying they will need to ramp up spending to hit a 2033 deadline. California’s money pit cost taxpayers $3.1 million a day last year. But that’s small potatoes compared to what they’ll have to shell out over the next four if they want to meet their deadline and budget, estimated most recently at $100 billion in a report last month by the New York Times. The California High Speed Rail Authority will have...

Ron Tutor, chief executive of Tutor Perini, said the redesign was not his firm’s fault... “We designed it and they approved it and then they changed their minds,” Tutor said. “They had a change of heart.” At least three other bullet train bridges in the Central Valley used the same design as the Avenue 8 bridge and are now being redesigned, according to a January rail authority status update, raising questions about whether potentially more costly designs will be required in the future. The previous design for Avenue 8, using what is known as mechanically stabilized earth walls, is generally...

Let me just say from the outset that I still miss California. When I see news about my former state, it’s like reading the details of a train wreck after having safely disembarked a comfortable time ago. I and my family got to live in Orange County for seven glorious years and another year in the Bay Area when the state was not convulsed with insanity on stilts. It was sunny nearly every day, with low humidity. There were no bugs. Our local amusement parks were Disneyland and Knott’s Berry Farm. We did, as Californians are fond of boasting, go...

That may sound like a clickbaity headline, but it’s proving to be literally true. Apparently, no one can guess it, least of all the California High-Speed Rail Authority that is running the bullet-train project. Their latest projection shows total predicted cost has jumped 20% to $77 billion, with a completion date moved out four years to 2033.For now, anyway. Be sure to check back next week in the Boondoggle Lotto! The price of the California bullet train project jumped sharply Friday when the state rail authority announced that the cost of connecting Los Angeles to San Francisco would be...

Friday, California's High-Speed Rail Authority published its draft 2018 Business Plan. Its 800-mile bullet-train project's estimated cost is now $77.3 billion, up from $64 billion two years ago, and its final completion has been pushed out another four years to 2033. The current estimate is now more than 70 percent above the $45 billion presented to voters in 2008. The related Associated Press story failed to disclose that original cost estimate, as did three leading California newspapers. The Authority's draft discloses that "More than $3 billion has been expended to date on construction in the Central Valley and planning for...

The price of the California bullet train project jumped sharply Friday when the state rail authority announced that the cost of connecting Los Angeles to San Francisco would be $77.3 billion and could rise as high as $98.1 billion — an uptick of at least $13 billion from estimates two years ago. The rail authority also said the earliest trains could operate on a partial system between San Francisco and Bakersfield would be 2029 — four years later than the previous projection. The full system would not begin operating until 2033. The disclosures are contained in a 114-page business plan...

California’s bullet train could cost taxpayers 50% more than estimated — as much as $3.6 billion more. And that’s just for the first 118 miles through the Central Valley, which was supposed to be the easiest part of the route between Los Angeles and San Francisco. A confidential Federal Railroad Administration risk analysis, obtained by The Times, projects that building bridges, viaducts, trenches and track from Merced to Shafter, just north of Bakersfield, could cost $9.5 billion to $10 billion, compared with the original budget of $6.4 billion. The federal document outlines far-reaching management problems: significant delays in environmental planning,...

Jerry Brown’s dream of constructing a high speed rail line connecting the Bay Area with Southern California suffered a major setback this week, but rest assured every effort is being made to spend enough money quickly enough to make pulling the plug seem unreasonable. Construction costs of the project have escalated so rapidly since the times state voters narrowly approved a bond issue that instead of constructing new tracks in the Bay Area and Los Angeles, the trains will share existing tracks with conventional freight and commuter trains, drastically increasing travel time, and making the trains half-fast at best. But...

High-Speed Rail Project in California Under Scrutiny By William Lajeunesse December 23, 2011 The Obama administration's plans for a bullet train could be headed off the tracks in California, the one state where its high-speed rail initiative is still alive. Since the project was first unveiled in 2008, officials tripled its projected cost, delayed its start of service 13 years, downsized ridership projections and increased ticket prices. Almost two-thirds of Californians now say they'd vote against issuing bonds to pay for a project they narrowly approved just three years ago. "It is not viable. It is not the best use...

Is there hope yet for the Golden State? While Governor Jerry Brown attempts to push through a tax increase that will make the state’s income tax even more progressive — and therefore more vulnerable to economic fluctuations — the state’s voters seem inclined to put the brakes on a high-speed boondoggle whose costs have tripled before ground has even been broken (via JWF): Four weeks after the news that the cost of California’s high-speed rail project has tripled since voters approved it, the struggling project is taking another hit: waning public support.A new Field Poll shows that 64 percent of...

he pro-train constituency has not been derailed by a state report this month that found the cost of the bullet train tripling to $98 billion for a project that would not be finished until 2033, by news that Republicans in Congress are close to eliminating federal high-speed rail financing this year, by opposition from California farmers and landowners upset about tracks tearing through their communities or by questions about how much the state or private businesses will be able to contribute. The project has been mocked by editorial boards across the country — “Somebody please stop this train,” The Washington...

Building First Segment Will Employ More Than 100,000 People over Next Five Years WASHINGTON - U.S.  Transportation Secretary Ray LaHood today awarded a $928.6 million grant to the California High-Speed Rail Authority for initial construction of California High-Speed Rail. Construction will begin next year in Fresno, creating tens of thousands of jobs in California. “California’s population will grow by 60 percent over the next 40 years,” said Secretary LaHood. “Investing in a green, job creating high-speed rail network is less expensive and more practical than paying for all of the expansions to already congested highways and airports that would be necessary to accommodate the state’s...

The California High-Speed Rail Authority has created a set of models and scenarios to answer the objections to its earlier models and scenarios. These will be parsed in much more detail than I can do here, but it is best to note the assumptions. First, its model assumes that the rail passenger fare will always be cheaper than airfare or driving. A ticket from San Francisco to Anaheim will be $72 in 2005 dollars. This is projected out to 2030. Second, the ridership will be immense — anywhere from 28.6 million to 37.1 million. This admittedly may appear realistic compared...