Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Mortgage disinterest

Does U-T San Diego's new $27.5 million mortgage mean publisher "Papa" Doug Manchester is losing interest?

An outfit related to U-T San Diego publisher Doug Manchester has recently mortgaged the newspaper's Mission Valley headquarters to the tune of $27.5 million, raising questions among some over the staying power of the controversial real estate and hotel mogul in the wake of his major political setbacks in last week's local and national elections.

http://sandiegoreader.com/users/photos/2012/nov/14/35489/

According to a trust deed filed with the San Diego county Recorder's office on October 19, Mission Valley Holdings, LLC, a firm run by long-time Manchester executive Richard V. Gibbons, borrowed the money from the American National Insurance Company of Galveston, Texas.

On December 6 of last year, county transfer tax records show, Mission Valley Holdings purchased the U-T headquarters, at the northwest corner of the I-8 and State 163 freeway interchange, for $42.5 million.

That was the day after the U-T's previous owner, Platinum Equity of Beverly Hills, announced it had closed its deal to sell the newspaper to MLIM LLC, which the Platinum release said was owned by Manchester.

Details and terms of the deal, which involved at least two Manchester-related holding companies, have never been fully disclosed to the public.

The day after the U-T building's sale, December 7, the Manchester Financial Group, with Manchester listed as founder and chairman and Gibbons as vice-chairman and chief executive officer, made a $30 million loan to Mission Valley Holdings, secured by the headquarters, according to a trust deed recorded that day.

County records show that Manchester Financial Group's original $30 million mortgage lien was lifted October 24, five days after the American National Insurance company loan recorded.

Presumably October's $27.5 million loan from the Texas insurance company allows Manchester and his possible investors to liberate some of their cash from the newspaper. We left a message on Gibbons's voice mail this morning requesting further details, but haven't heard back.

The U-T's Mission Valley headquarters has frequently made news itself during the 11 months the Manchester-related entity has owned it. As reported here in May, the paper's John Lynch sent an email to a staffer for GOP city councilman Kevin Faulconer in which the newspaper executive appeared to threaten negative coverage in retaliation for a dispute the paper was having with the city over the legality of an enormous advertising banner on the building.

Also in May the city posted a notice of a permit application on the U-T building's front lawn, prompting Manchester to announce in the paper that he was seeking approval to build a complex of retail stores and residential condominium units on much of the site.

After this year's bruising San Diego mayoral battle, in which Democrat Bob Filner emerged triumphant over Manchester's candidate, GOP city councilman Carl DeMaio, some longtime city hall observers say the hotel and real estate mogul turned publisher might be wasting his time and should unload the property to somebody else.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Todd Gloria gets cash from McDonald's franchise owners

Phil's BBQ owner for Larry Turner

An outfit related to U-T San Diego publisher Doug Manchester has recently mortgaged the newspaper's Mission Valley headquarters to the tune of $27.5 million, raising questions among some over the staying power of the controversial real estate and hotel mogul in the wake of his major political setbacks in last week's local and national elections.

http://sandiegoreader.com/users/photos/2012/nov/14/35489/

According to a trust deed filed with the San Diego county Recorder's office on October 19, Mission Valley Holdings, LLC, a firm run by long-time Manchester executive Richard V. Gibbons, borrowed the money from the American National Insurance Company of Galveston, Texas.

On December 6 of last year, county transfer tax records show, Mission Valley Holdings purchased the U-T headquarters, at the northwest corner of the I-8 and State 163 freeway interchange, for $42.5 million.

That was the day after the U-T's previous owner, Platinum Equity of Beverly Hills, announced it had closed its deal to sell the newspaper to MLIM LLC, which the Platinum release said was owned by Manchester.

Details and terms of the deal, which involved at least two Manchester-related holding companies, have never been fully disclosed to the public.

The day after the U-T building's sale, December 7, the Manchester Financial Group, with Manchester listed as founder and chairman and Gibbons as vice-chairman and chief executive officer, made a $30 million loan to Mission Valley Holdings, secured by the headquarters, according to a trust deed recorded that day.

County records show that Manchester Financial Group's original $30 million mortgage lien was lifted October 24, five days after the American National Insurance company loan recorded.

Presumably October's $27.5 million loan from the Texas insurance company allows Manchester and his possible investors to liberate some of their cash from the newspaper. We left a message on Gibbons's voice mail this morning requesting further details, but haven't heard back.

The U-T's Mission Valley headquarters has frequently made news itself during the 11 months the Manchester-related entity has owned it. As reported here in May, the paper's John Lynch sent an email to a staffer for GOP city councilman Kevin Faulconer in which the newspaper executive appeared to threaten negative coverage in retaliation for a dispute the paper was having with the city over the legality of an enormous advertising banner on the building.

Also in May the city posted a notice of a permit application on the U-T building's front lawn, prompting Manchester to announce in the paper that he was seeking approval to build a complex of retail stores and residential condominium units on much of the site.

After this year's bruising San Diego mayoral battle, in which Democrat Bob Filner emerged triumphant over Manchester's candidate, GOP city councilman Carl DeMaio, some longtime city hall observers say the hotel and real estate mogul turned publisher might be wasting his time and should unload the property to somebody else.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Union-Tribune Headquarters Sale Valued at $42.5 Million

Next Article

Las Vegas developer linked to late mobster puts yet more campaign cash into San Diego GOP

Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.

This Week’s Reader This Week’s Reader