Coliseum Sale Questioned

California Gov. Arnold Schwarzenegger’s proposal to sell state assets to whittle down a serious budget deficit has one Southern California official questioning the motivation.

Schwarzenegger announced May 14 that venues such as the historic Los Angeles Memorial Coliseum, Orange County Fairgrounds, San Francisco’s Cow Palace and Cal Expo, home to the California State Fair, could go up for sale.

Los Angeles County Supervisor Zev Yaroslavsky, president of the Coliseum Commission, wasn’t impressed, according to the Los Angeles Times.

“Whoever made the decision to throw this on the table five days before an election made a boneheaded decision,” Yaroslavsky reportedly said during a news conference. “People are not as foolish as some politicians think they are.”

Yaroslavsky said the Coliseum may be priceless as a landmark but is still being overvalued by some politicians. A 2001 appraisal of the stadium land reportedly put its value at $16 million – hardly enough to make a dent in the budget crisis – despite Sen. Jeff Denham reportedly claiming the Coliseum and nearby Exposition Park properties are worth $400 million, the paper said.

Yaroslavsky told the Times that if someone thinks they can get that much, “I’ve got some beachfront property in Nebraska I’d like to interest you in.”