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Descendants Of Bruce Beach Selling Property Back To Los Angeles For $20 Million
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- čas přidán 14. 08. 2024
- Demetra Kaye reports on descendants of Bruce Beach selling the property back to the city of Los Angeles for $20 Million.
Connect with Demetra:
@demetrakaye
I don’t understand what was the point of the relatives fighting to get the beach back and then they get it back and they sold it? What a damn waste of time
Well they (city planners) telling them they are limited because of zoning laws. Zoning laws can be change with the right people involve. Somebody got tell me a better lie than that!!!!
Because white people will always win. It’s not a coincidence black people are on the bottom. Black people are the worst players in the game of civilization.
@@mantality312 I understand, we know what they do within the system. ( For what it’s worth; I am a minister and I do believe in the Miracle Worker).
Right a waste
It's retarded af...
That land is worth over one hundred million dollars. If you’re wondering how, look at how much the structures that are built on it are worth.
OR MORE EXACTLY.
They stupid as Hell... Nope I would rent it out for a Million a Year or more and never sell it!!!! I would make it in the family so it could never be sold, and we always made bank and we would charge vendors for being on the property as well.... Hell YEAH!!! Are there homes on the Property... Yep I would rent them out too!!!!!!! That property would be my job and I would trained my children and teach them about business get them and myself educated about real generational wealth and from there we would buy more properties.
Yes
Yes I believe that it's Beach front property in southern California. A house in the hoods of Los Angeles is over 700k.
If that was my land would start a private auction at 75 million dollars. Than the biddings for it would go pass half a billion dollars. Trust and believe most people have No idea that wealthy foreigners included American Hedge Funders buying up lands across the country spending multi-millions and in some cases billions buying lands. Guess some people don't know China buying up lands in California too.
As a socal native & resident....whom signed multiple petitons to help them retrieve their land am really apaulled at them NOT making a SMART DECISION!!!🙄😒🤦🏼
The elder Bruce's understood the value. Windfalls create drama in the family because people can't be on one accord. It's so many crooks and turns through generations.
What a shame. Your intensions were good but unfortunately these people didn't understand the assignment SMH
I live in Orange County, and my family feels the same way. If utilized properly, that tract of real estate could have generated $20 Million dollars for their family every few years, FOREVER. Then, they could have purchased more land adjacent to this tract, and built anything they wanted. From a legacy standpoint, their decision was short-sighted and stupid.
You have every damn right to be appalled, because I’am I did not sign any petition’s.🙄
@@Visionary0001 They could have even sold small parcels to Black business owners and created another Black Wall Street if they needed to cash out.
What is the matter with these people , they sold that so cheap.
Maybe they were hurtin' for cash.
Black Americans are not mathematicians now if this were a dance or music decision, they would have made a well-thought-out decision🤣
@@TheTruthcometh EXACTLY
20 Million for a beachfront property? They gave it away!
🤦🏾♀️🙊🤦🏾♀️
Basically!!
Yes! All that work & basically backed into a corner to sell it back.
Others mentioned they would not have been able to afford the taxes😟
Land is the basis of wealth. There are better options.
They could have sold shares.
Definitely should keep it. No question that 20 million will get gone fast amongst the descendants.
Yep!
Facts.
Agree
The land is actually value at around $85 million according to the site that published the article online, but I'm surprised that they sell it back to the city/State.
I'm not surprised.A SAD SITUATION.
It's even more value than that if auction off to wealthy Hedge Funders and foreigners.
@@Crudeoil794this is 💔
@ Tevin King
Do you know the size( acres) of their land? Land value constantly increase.
Examples: In a rural (country) communities in the Southeast, in 1975 people were selling one (1) acre of land for approximately $1,000.
Today, one acreage of land is selling between $19, 000 to $58,500.
A few years ago, a Volvo Factory was built near this country area.
👨🏾💻Land is wealth.👨🏾💻
As a whole, we should never step foot in that establishment again.
Right!!!
Fr!
It seems like that family is filled with a bunch of people who never took a financial course. The property taxes and the cost of living will eat the $20M up in California.
After they sold the property they went What was I thinking!
Lol
Many African Americans are sooo quick to cash out. The long-term strategy is to hold and leave wealth to the next generation. As a people we tend to focus on the short term gains opposed to the long term and leaving an enduring legacy. Chances are that the family will burn through the 20 million in a couple of years and the next generation will probably have nothing to pass to the next generation…it’s all about legacy
Amen
That family will never have generational wealth. If there's 20 people in the family each one will get 1 million dollars what a slap in the face! They should of held out period!
Could they have affordee the annual taxes on the property?
You don't know what their financial situation is. You don't know what the costs are relating to holding on to that land. You don't know if they tried to obtain financing to enable them to hold on to it. There are a lot of unknowns. It's easy to criticize, when you don't have the details. The only suggestion I would make is, try to find a private buyer, try to avoid selling it to the city. The city will definitely low ball you
@@josephsmith1858 ..they may not had to sell the property…they probably could of leased it to the city or to a commercial entity. African American have been cheated and manipulated out of land since day-1 in this country…the powers that be prey on the desperate (2008 era mortgage scandals in disenfranchised communities)
The wealth is in the land. They moved too quickly and sold it back for pennies
Exactly!
Words fail me! Its a crying shame! Generational wealth, gone!
Right down the drain!
They are getting the short end of the deal by selling it. They can develope the land with a couple of hotels and some restaurants , etc. The family should also be paid reparations for the past 100 years. This will generate more than $20 million. We must stop selling ourselves short.
Not ask for reparations, but DEMAND it
Yeah because across the country rent is going to go up exponentially in the coming year. Why you think every realty property buying people( the banks) are trying to buy every available piece across the country. Bank of America said they have invested $100 million dollars in this year to buy up property.
I AGREE in not selling it for $20 million but to develop it into something special to pass down to the next generation , just saying , ENUFF SAID
🗣️🗣️🗣️🗣️🗣️
For some dumb reason they made a deal 🤝 not to develop on the land with the city while they were leasing it there lawyer needs to be shot
Our people are so quick to cash out no matter the situation. Just goes to show you how bad most of us really have it.
They sell the land for 20 million, and the IRS takes 9 million dollars, I think it's a lost .
We can't have nothing if we don't sacrifice for something. Simply appalled and I was just talking about this story two days ago.
*"My people are destroyed for lack of knowledge:..."*
Hosea 4: 6. Kjv1611
I WOULD NOT HAVE SOLD THAT LAND BACK
Absolutely!!!
Oh snap! Lease it. Income and ownership.💫
20 million that's it. They should have gotten at least 100 million.
Or not sold it at all!
Yeah I heard about that. What a small amount to sell for. And how much are all those lawyers going to get. Somebody has no foresight.
💯💯💯💯💯
Yep. IRS gets their cut, then lawyers....they'll for sure be back where they started....owning nothing
They need to put this land in a trust to keep the irresponsible family members from sabotaging the rest of their holdings in the property. Any profits generated from the land could then be paid in fair proportion to each family member.
The lease is not enough & the sale price is not enough. I live a couple of miles from this site & know for a fact that this is not enough due to the potential for development.
That Bruce's Beach blood line appear to be thinning rapidly since the 1800's... Makes you wonder if there will be anything left in a few years.
The answer in NO!
I would’ve sold it for much more. They could’ve developed it. Or subcontracted or leased it.
Public property status, the beach can't be developed
@@dorisjones718 They can still rent it to the city. They're already getting 400K a year. What else could they possibly want as that amount is sure to rise as the city is in one of the most lucrative locations on the planet.
@@kurokaizen1889 👍
@@dorisjones718 Who says the city. That could have been negotiated on to being this was an extreme circumstance involving correcting an injustice.
@@kurokaizen1889 The property taxes will blow your mind. I pay 5000 per year on a 1200 sq ft cond. It ain't beach front.
They should have turned that into resort!!
Sad, and embarrassing.
So embarrassing...
20mil isn't even tax free....
They stupid as Hell... Nope I would rent it out for a Million a Year or more and never sell it!!!! I would make it in the family so it could never be sold, and we always made bank and we would charge vendors for being on the property as well.... hell YEAH!!! Are there homes on the Property... Yep I would rent them out too!!!!!!! That property would be my job and I would trained my children and teach them about business get them and myself educated about real generational wealth and from there we would buy more properties.....
Extremely wrong decision. 🤦🏾♀️
Real wealth is Land!!! Damn the check!!!
They should have negotiated by getting 💰plus keeping their land. We are talking about 100 years ago! Imagine if that land was never taken away. The evil 😈is real!
Hell naw. That's ridiculous. We're starting to look really bad these days of our own doing.
BASICALLY THEY CHEATED THEM TWICE THEY NEVER REALLY OWNED IT THEY DIDN'T GIVE THEM THE BUNDLES OF RIGHTS THAT COME WITH OWNERSHIP
In my opinion, the family should be keeping their ancestors land.
My father said, " They don't make more land. Land is extremely valuable than anything.
👩🏾💻Land create generational wealth, so the land should be transfered to the children."👩🏾💻
Also, the city should be paying the family over 500 millions for their property.
.
They were short changed and it would've been best to hold out to negotiate partial ownership w/ selling tag of 20 mill. I believe it was greed...
The great Black conundrum. The Black collective has to respect and accept the decisions of the individuals.
Why would they make A FOOLISH DECISION after fighting for so long to gain control of the land?🤔🤔🤔
COULD THERE BE AN ULTERIOR MOTIVE IN ADDITION OR OTHER THAN "THE PAPER??"🤔🤔
It’s worth 2 billion easy
shows how little wealth we have
Yea it’s heartbreaking 💔
and common sense smh
Keep it. Build a club and a small hotel on your beach for us.
400K is more than enough for that family to thrive on. Absolutely no way I would have sold.
No it isn’t! This is California!
Not in LA
Not in LA is right. Also, liability
@@alternativefacts6779 Yup! Freaking California!!
@@dorisjones718 who said they have to continue to live in LA? So many options other than selling
We don’t know their financial situation as a result of fighting for the land neither do we know all the conditions imposed on them by the county, including taxes.
That said, if the Black community was organized enough, a pro Black buyer or buyers could have been contenders for the property.
True! But at the same time! You went thru all that trouble to get it back. Ownership is above all! You owned. You could made it work to where… that beach front property becomes a multi-millionaire or even billion dollar. BLACK OWN BEACH!!
@@donx2341 Plus the capital gains taxes would've ben FAR more than the property taxes so it's dumb either way
Exactly
😮😮😮why only 20million!!!!??? 🤦🏾♀️
Unbelievable!
I bet they were slowly bleeding them dry with property taxes so they decided to sell cheap to avoid the headache.
I wouldn't have sold it! It's important to keep our assets as it allows us to offer opportunities to our people. The problem is we don’t move as a unit but rather individuals. The Chinese move as a unit and as you see they're able to build places like Chinatown and offer each other jobs and distribution of products. It's sad how we move SMH 😢
I agree with you and I had no doubt that they were not gonna keep that land
They are so wrong for that. They should keep it.
They should really find out how much the property made in that time and then see if they can charge interest on what they missed.
This gonna go down in the history books as the most ridiculous decision ever. Wow. Put this in the genius book of world records. Please. Unbelievable. They should have got the land back and restitution pay from all the missing profitable years.
If that was the agreement to sell back for $20M, they should have leased it to the city for a longer time.
Wait what???? This can't be real!!! How ducking stupid can they be??? Y'all finally got it back and now your giving it back. WT French toast is this????
The Bruce ancestors had properties built on that beach and they can do the same to get real generational wealth. They will be broke in no time. What a shame! There ancestors are rolling around in their grave!
That is stupid as hell, why can't they flip the 400,000? Have they not played monopoly omg? Or atleast do what Ms. K. said try to get the lump sum and still get the continous payout for life.
Antonio Moore (ToneTalk) did a podcast on this allow with a video of the land since he lives in LA. There is no way that land is only worth 20 million. LA is capping how much the family can get for the land.
As a Californian, that beachfront property must be worth over 100 million today much less in 10 years.. awful decision the family was tricked into.
They weren't tricked. They made a dubious financial decision. That's on them.
Are they crazy $20 million !! That property is worth way more then this.
Yep! 1000ths of millions more! White man is laughing all the way back to their promise land!
This is so stupid and sad
They owed far more on the properties. They shouldn't give up ownership. Black people need think and act in the interest of all black people 👍🏿. Don't settle for less we deserve more. ✊🏿 African Unity 🤞🏿
Amen!
Knowing the county of Los Angeles. They probably said this is our final offer and you have 2 weeks to decide.
@@1990758Nope. That's not what happened. They completely owned it. They probably didn't want to pay the massive property taxes on it! Not to mention the cost of living!
@@alexanderangelo7284 Exactly you're one thousand percent right.
The city is playing them cheap! And whoever is negotiating for them needs to ask for more. I think they need to lease it for at least half a million a year. This parcel is prime beach property! Make them PAY for it's worth. Don't get sold cheap. That property has got to appraise for more than $20 m.
They what??? That property is prime real estate 😮it has to be worth much more than that 🥺
They should have got 20 million along with the property!!!
💯💯💯💯
well he shouldn't sell it a black college should be built in a black community the legacy should not be destroyed but it should be rebuilt reinstated
There are homes on the strand in MB selling for twenty million; had it been me making the decision, I’d have asked for 750 million (remember, the property had been taken from the Bruce family decades ago).
Should had explain the true reasons they selling it. Because most people seem to forget they have to pay upkeeps like taxes, maintenance, etc. Still they should had gone the way of selling it to private buyers. Now the city will be doing that making ten or more times what the family sell it for. 🤦🏾♀️
If there’s any businesses on that beach they would essentially own the businesses as well. I think they’re getting beat out of hundreds of millions of dollars. Think about dude who took over McDonald’s. 🤔🤔🤔
They probably can't afford the taxes. Rather than loose it sell it.
It's seems like a very low-ball offer. This is sad news.
💯💯💯💯💯💯
Sad they did not need to cash out. They just need one sponsor to help give them twenty percent. It's sad that the legacy is gone. By them giving it away.
Fr!
They're low balling themselves! $20M is nothing for beachfront property.
I am done dealing with Black issues
They should have leased for 20 millions per year with a 100 years contract
Agreed. If the mayor can't accept that, the land should not be given.
They should, it's to late we sell out I'm not sure what their plans but they could have created jobs for the black community I'm sad to here that this is the outcome and then happy, Let's learn from this.
@@esway1730 That land could've also been used to build schools or anything resourceful.
@@esway1730 I know, 😢🥺maybe, if they have kids or grandkids that could do something w/that property/land for it to have survived & thrived, still.
That lane is worth over $300 million. 3 football fields and property in that area selling at $4 million for 1700 square feet. Yes I did the calculations…the county paid pennies for beach front property. Sad
Land is the most important thing to have today instead of the devalued dollar. Generational wealth my ass.
They got a heads up on what the tax bill would be and they got low balled. That 400k would’ve covered most of it, but they would’ve still been underwater.this was planned from the jump.
Great video coverage Queen 20 million in California how far do you think that's going to go when they were sitting on a hundred million or more investment
💯💯💯💯💯💯
Exactly! 20mil that's not even tax free
They should really just lease it.
that is 20% of its actual value minus any upgrades and development. WHAT A RIP OFF, THEY DID NOT DO THEIR DUE DILIGENCE!
No one knows the details. How much was it to pay property tax? So many details we don’t know. People assuming
Property taxes are very high in that area...trust im from California.
@@ShadesOfIvory right. I’m from Cali too, and I can just imagine that family having to take that on
What a mistake!
The price should have been 100 million. 🤦🏿♂️🤦🏿♂️
I suspect that $20 million price-tag is low-balling at its finest. But, what do I know? Peace.
How many family members get a share of the$20mil.? It won't be long before the family realizes ain't as much as they thought.🤔
Lol
Yes , Thanks for keeping it real and I would say keep it.
Well if that's what they wanted, so be it. Hope they were not threatened, harmed or hurt. They should take back some of the land for their selves for their beach home!!!
They basically put their ancestors back into slavery. After all they did. This is so disappointing 😞
💯💯💯💯💯💯
Bingo
What it sounds like to me is that some Higher Upper is forcing them to sell back to the city/state. just saying
TBH if I can get $500,000,000 I'm not selling that beach point blank. lmaoo
Wow😢
Short sighted...soooo short sighted
💯💯💯💯
Since this is land they inherited, I'm hoping they won't have to pay tax. Otherwise, they'll receive closer to $10 million than $20 million. There is no state inheritance tax in CA so 🤞🏾.
😒played into o presser ✋'s, how in this world put some restrictions on (stolen land) before returning the to people of the stolen. 😏 great 💡keep the land and add extra in lane that will benefit the family not the city. Come up with days/ dates each year the (city) able to use it. Short change y'all land ill be Hoover damn😠
They got robbed!
B1 family should have kept the land.apdta
The dollar amounts they were quoted are WEAK.
Sad,so very sad. 😔😔😔
At a loss of words 💔😕
DO NOT SELL....!
I simply wouldn't sell
Both Jason Black and Dwann B did a video on Bruce's Beach going back to the city.
Very sad... The family is getting robbed again.... This time willingly....
400,000 dollar lease a year was the better option. After 20 years they gone still be alive, wishing that is what they done. We never learn. This reminds me of how in Africa they do this with natural resources. We never learn.