The $15 million purchase of Valley View Farm in Los Angeles County has been approved by the U.S. Department of Agriculture (USDA) for its proposed 1,500-acre plot, which will feature a 12-acre, three-acre pond, a 100-acre cattle pasture and an adjacent site for an urban park.
The land is located in the central Los Angeles Valley, and is one of four land parcels purchased by Valley View from a family member of Robert H. Lee, the legendary actor and filmmaker, who was killed in a plane crash on Aug. 9, 1965.
In addition to the pond and the land itself, the purchase will include the land’s main roads and bridges, which Valley View says will help make it easier for motorists to access the property.
The purchase was approved by U.N. Secretary-General Antonio Guterres, who is expected to sign the agreement.
The USDA is the lead agency in the acquisition of the land, which is also located in Southern Californian territory.
The parcel is estimated to bring in an estimated $3.6 million annually to the farm, and Valley View plans to invest $200 million in the project.
A spokesman for Valley View said in a statement that it is pleased with the USDA approval and the timing.
“The purchase of the site is a testament to the great quality of work the family has put into this acquisition,” said Bob Sarto, CEO of Valley Views.
“We look forward to working with the agency and our partners to develop a project that will enhance the quality of life for all of our members and visitors to our farm.
The new facility will be designed and built by Valley Views and will include landscaping, restrooms, a golf course, a fitness center and a fitness track.
It is anticipated that the project will generate hundreds of millions of dollars for the local economy.”