Magna sells land to park district

ALBANY, Calif. - Magna Entertainment Corp., owner of Golden Gate Fields, has sold 16 acres of land south of the track's barn area to the East Bay Regional Park District.

The land, located in the city of Berkeley, is on the shoreline of San Francisco Bay.

Magna sold the land for $8.5 million, although it had been appraised at $12 million. Magna has also agreed to pay up to $100,000 for a toxic waste assessment and cleanup.

Magna had filed development plans for the land with the cities of Berkeley and Albany last spring, with proposals including a hotel, restaurant, and conference center.

The land sold by Magna is part of a planned Eastshore State Park, which has been approved by the state Park and Recreation Commission.