Local developer Russ Kuhn attended a social event at Gary Cino's spectacular Ponds at Granite Bay property a year ago and was blown away.
It was "like Disneyland without the rides," he says of the wooded, 4.7-acre setting filled with giant fishing ponds, waterfalls, huge granite boulders, a small log cabin, kids' playhouses, slides and gazebos.
So he couldn't resist attending Saturday's auction for the site, making just one bid, for $1.35 million. And besting 11 other auction participants to become the property's new owner.
"It's a beautiful piece of land," says the 47-year-old exec with Placer Partners. Starting from scratch and creating a new property like the Ponds "would cost four times what I paid for it," he adds.
What's he planning to do with the place? Hold it awhile, then resell.
"This is strictly an investment," he says of the $1.485 million he paid when the standard 10 percent buyer's premium was added to his bid.
When the real estate market recovers, Kuhn figures, someone will want to buy the "perfectly manicured" property and build a home there.
In the meantime, he says Cino - who reportedly spent $5 million fixing up the property - can use the Ponds "any time he wants."
Call The Bee's Bob Shallit, (916) 321-1049.
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