Redondo Beach’s King Harbor Marina sold
The master lease that includes Redondo Beach’s King Harbor Marina and several other properties surrounding it has been sold.
Roughly 13 years remain on the lease before it can be renegotiated with the city.
The lease’s new owner, Majestic KHM LLC, is controlled by Dr. Allen Ginsburg, the father of former City Councilmember Jeff Ginsburg.
Allen Ginsburg is also the leaseholder of the nearby Crystal Cove Apartments and Chart House restaurant. Neither of the Ginsburgs could be reached for comment Wednesday, Feb. 19, a day after the lease sale was announced at a City Council meeting.
The lease’s sale price has not been disclosed.
The city has virtually no control over the lease sale other than verifying the buyer is qualified and capable, which they were, according to Waterfront and Economic Development Director Stephen Proud.
“We used a third party to look at both of those issues,” Proud said, “and we were satisfied that Dr. Ginsburg and signees meet the criteria necessary for this transaction to occur.”
The announcement Tuesday ended months of speculation that the lease would be sold. So far, no changes have been announced, according to Harbor Commissioner Vicki Callahan, who said the marina could use several big upgrades.
“I do know the city is looking at sea level rise,” Callahan said, “and trying to figure out who is going to be paying and that could be costly.”
The current marina lease expires in 2032. Callahan said she does not expect any major changes until then, but it was impossible to know for sure.
King Harbor consists of three marinas: King Harbor, Portofino and Port Royal.
The King Harbor Marina lease includes 820 boat slips, with various properties fronting Harbor Drive, such as the boat yard, Bay Club, Blue Water Grill and the King Harbor Yacht Club; there are also apartments and offices included in the lease.