"Timothy Bumb purchased the north San Jose property where Bay 101 Casino operates for $71.7 million, as stated in documents filed with the Santa Clara County Recorder's Office."
"Sutter's Place Inc., led by Timothy Bumb, acquired the casino property with a $65 million loan from Western Alliance Bank, financing the buyout from family members."
"The purchase price of $71.7 million was substantially higher than the property's assessed value of $38.3 million earlier in 2024, indicating a significant rise in real estate value."
"The transaction does not alter the ownership or management of the Bay 101 Casino, only the underlying real estate is affected."
Timothy Bumb completed the $71.7 million purchase of the Bay 101 Casino property in north San Jose, acquired from family members in a deal finalized on July 1. The purchase was financed partially by a $65 million loan from Western Alliance Bank. Notably, the price paid is significantly above the assessed value of $38.3 million earlier in 2024. While the real estate transaction concluded a legal dispute among Bumb family members, the casino's existing management and ownership structure remain unchanged. Other family properties, like a flea market site, may face redevelopment challenges in the future.
Read at www.mercurynews.com
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