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Lennar buys back 15% stake in Newhall Ranch development at big discount

Reporting from Sacramento and Los Angeles — A U.S. bankruptcy judge in Delaware cleared the way Monday for a home builder to buy back, at a substantial discount, a chunk of the Newhall Ranch development north of Los Angeles that it sold for nearly $1 billion to the California state retirement system in 2007. Lennar Corp. said in a news release that it paid $138 million for a 15% stake in a new company, to be called Newhall Land Development Co. Five lenders will own the other 85%. For the full story click here

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