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Change of ownership, key to reassessment, is cut-and-dried for homeowners but not businesses. It means a loss of tens of millions of dollars a year in tax revenue.
By Jason Felch and Jack Dolan, Los Angeles Times
May 4, 2013, 8:24 p.m.
In 2006, billionaire computer magnate Michael Dell, one of the world’s richest men, agreed to pay $200 million for the Fairmont Miramar Hotel, a beachfront landmark in Santa Monica that long has been a retreat for Hollywood starlets and U.S. presidents.
A few months later, Dell tore up the contract.
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