Heirs of Black couple sell Bruce’s Beach back to LA County for $20M

[JT-Money]

it's beach front property with a history like that they could have made the 20 just building it up and opening it up to the public.

this is why financial literacy matters and i second what Matt is saying. just giving people money won't solve all the problems. this was a bad play. very bad.

The only thing I don't get is what's the rush? I mean it's only been 6 months since they got the property back. Why not perform some due diligence. Make sure you can't get out of selling it back to the county for that price.

That potential windfall was definitely burning a hole in some family members pocket. When you're broke you make rash decisions without thinking.


I've been there before....

 

[Sad Bunny]

This is exactly why I believe that Black descendants of enslaved people will get reparations, possibly even in our lifetimes. The vast majority of the money will be transferred back AND white folk will have the benefit of pretending like Black people are on equal footing after. After the payment happens, all these programs that seek to close wealth gaps or ensure diversity in hiring are as good as gone.

Yup. Look what most people did with the PPP loans. Reparations gonna have most black people living like celebrities…gucci gucci Louie Louie fendi fendi prada prada

 

[Ethnic Vagina Finder]

PPL ARE MISSING THE FACT
THE OPTION TO SELL BACK FOR
20 MILLION WAS ALWAYS GOING
TO BE THERE SO THEY COULD HAVE
ATLEAST ATTEMPTED TO DO SOMETHING WITH THE PROPERTY
BEFORE SELLING IT BACK.

THESE nikkaS JUST WAITED 6 MONTHS FOR PR PURPOSES.

THEY AGREED TO SELL THAT shyt
BACK THE DAY IT WAS GIVEN TO THEM.


​

That’s time and money. Something most of them don’t have. The county gave them the land back as a PR stunt. It was always about giving them money.


What are they supposed to do spend thousands of dollars trying to figure out shyt?


What would’ve ended up happening is they wouldn’t found new investors who would’ve bought into the land and diluted everyone’s equity. Then they would’ve slowly bought out other peoples shares until they had so much equity that the remaining holdouts would’ve owned next to nothing.

 

[Astroslik]

it's beach front property with a history like that they could have made the 20 just building it up and opening it up to the public.

this is why financial literacy matters and i second what Matt is saying. just giving people money won't solve all the problems. this was a bad play. very bad.

You just can’t building anything up. There are zoning laws in America. The city fukked them with the bullshyt zoning laws and I don’t think they had a big enough bag (collectively) to put up enough bread for a strong lobby push. They would’ve all needed to be on the same page.


Too many hands in the pot..

 

[Antwon Mitchell]

Eh I ain't mad at em they may not have known how to manage a beach and all the property residing over it, let alone the necessary funds to do such a thing.

You guys claiming they missed an opportunity to make an investment got it all wrong, they didn't miss anything as now they could take that $20M, expand on it, and build and invest in a new business adventure while still having something for their future generations of family to own and operate.

They're still in a good position .

 

[IsThatBrothaMouzone?]

This line of thinking is how LA's black population ended up what it is..... selling they granny house and moving out to the IE,Lancaster,Palmdale etc.

Yeah but LA has never been a stronghold like the South.

Mexicans have been coming for their homeland for awhile now. Probably outnumber non-Hispanic whites by now. They can buy more property and diversify with the money but probably not in Cali.

 

[MegaTronBomb!]

Yeah but LA has never been a stronghold like the South.

Mexicans have been coming for their homeland for awhile now. Probably outnumber non-Hispanic whites by now. They can buy more property and diversify with the money but probably not in Cali.

Assuming that all these descendants still live in CA,

just cashing out and leaving everything to set up shop in another state with the idea to set up some type of generation properties is still a stretch.


Everyone has the ideas of what they should've done with the money....but it's pretty clear that preservation of what belonged to them wasn't higher on their priorities than getting paid.

 

[Dynamite James]