The upscale La Casa del Zorro desert resort has been sold for $2.35 million.
The resort is at the intersection of 3845 Yaqui Pass Road and Borrego Valley Road.
The buyer was Casa Del Zorro LLC, with CBCDZ LLC as its managing member. Casey Brown signed as a member of CBCDZ. Brown is a principal of BBL Inc., a newly rebranded real estate investment company that also includes co-founder Paul LeBeau and recently added Steven Bollert. The San Diego-based company was formerly known as BCL Inc.
Other new owners were reported to be Jack McGrory, former San Diego City Manager and now CEO of La Jolla Management LLC, a real estate investment company, and Jack Giacomini, chairman of San Diego-based Hotel Managers Group, which is expected to operate the resort.
The acquisition was financed by a $1.6 million loan from McGrory, trustee of the Restated Jack McGrory Declaration of Trust.
The seller was LCDZ Investors LLC. GHLA LCDZ Investors LLC, is the manager of the buyer and GHLA LCDZ Investors Manager is the manager of the buyer's manager. Gregory F. Perlman is the manager of the buyer's manager's manager.
The 42-acre resort has 44 hotel rooms and 19 stand-alone, one- to four-bedroom casitas, some with their own swimming pools.
The transaction also included a two-story spa, approximately 6,000 square feet of banquet and meeting facilities, a 17,000-square-foot warehouse and a 19-unit apartment.
A division of Real Living Lifestyles Real Estate represented the buyer, and Maxim Hotel Brokerage represented the seller in the transaction.
In 2007, Pearlman paid long-time owner Copley Press Inc. $2.4 million for the Casa del Zorro real estate and reportedly spent from $7 million to $10 million in upgrades.
The property was renamed Borrego Ranch Resort & Spa. It has been closed the past three years.
Pearlman's GH Capital purchased the nearby Rams Hill golf course in 2004 for $15 million, and renamed it Montesoro Golf and Social Club. That property is also on the market, as Rams Hill again.