Konheims sell interest in Malibu Bay Co.

Lyn Konheim announced this week that he has sold his family’s interest in the Malibu Bay Co. to the Perenchio family.

“A fair offer was made by the Perenchio family to purchase our family-ownership share of the company,” Konheim said Monday. “The offer was made amicably and the decision of our family was to accept.”

Negotiations took place earlier this month, and the deal is expected to close in July.

Konheim said he will definitely not be leaving the city. “I will continue to look forward to being part of the Malibu community. We will continue to have our home here in Malibu.”

Stressing that the takeover was not in any way hostile, Konheim said he hoped his former partner would do well. “I wish the best for the Perenchios and the city in keeping the same positive direction.”

The Malibu Bay Co. was formed 10 years ago by the Konheim and Perenchio families. John Perenchio was an active partner in the company’s operations until June 1997, when he left to start his own record company, Ultimatum Music. “He has continued to be involved in the company but not on as much of a day-to-day basis as he was,” said David Reznick, who took over the position when Perenchio left.

The company will continue its operations without any interruptions or significant change, Reznick said. The office remains in its current location in Malibu Colony Plaza.

“The transition has been amicable and we will continue to press on with approval for our projects in the Civic Center and continue to meet with the city, at their invitation, to discuss pursuing our long-term development rights on all of our properties,” said Reznick, who will be in charge of running the daily activities of the company.

Over the past 10 years, the company has been an active participant in the city’s General Plan Task Force and Civic Center Specific Plan Advisory Committee and has been involved with the Chamber of Commerce and the Business Roundtable.

On the table now are development plans for the company’s properties in the Civic Center, Point Dume and Trancas. Reznick is working with the city’s Ad Hoc Committee on plans for all of its properties.

“We want to help the city address the fast-growing demand for more open space, recreational opportunities, and other civic and community amenities,” Reznick said. “One other thing we’ve been working on recently — we were pleased to work with the Sheriff’s Department, the city and the school district to help resolve the traffic and parking problems at Juan Cabrillo and Malibu High School.” The solutions have been planned and will be implemented over the summer and into the fall.

The Malibu Bay Co. was also involved in supporting the school board on Proposition X, which raised $42 million for the Santa Monica-Malibu Unified School District.

“I have been asked to serve on the Proposition X Oversight Committee, which will oversee the administration of the bond fund,” Reznick said. “The district has close to $80 million to spend on schools in Malibu and Santa Monica, which will include major improvements at Malibu High School, as well as all the schools will gain additional classrooms.”

The company has also opened three of its Civic Center properties to the current Summer Sculpture Exhibition.

“We think the sculpture exhibits are an asset to the community,” Reznick said. “It helps stimulate people’s interest in art, and it’s a wonderful cultural resource to have this art displayed in prominent places in the community,”

The Malibu Times is the first newspaper in Malibu, serving the community since 1946.

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