Abraham M. Lurie
Abraham M. Lurie | |
---|---|
Born | 1923 |
Died | 2010 (aged 86–87) |
Nationality | American |
Education | B.A. Ohio State University J.D. UCLA School of Law |
Occupation | real estate developer |
Known for | development of Marina del Rey |
Spouse(s) |
Claire Devera
(m. 1947; div. 1981)Katherine Lurie (m. 1983) |
Children | 4 |
Abraham M. Lurie (1923 – June 29, 2010) was an American real estate developer who was behind the development of much of Marina del Rey.[1][2]
Biography
[edit]Lurie was born to a Jewish family in Iowa in 1923.[1] He had two siblings: Dr. William Lurie and Bertha Lurie Friedman.[1] He graduated with a B.A. in accounting from Ohio State University.[1] In 1948 he moved to California, with his wife Devera (Feldman) Lurie, where he worked as a certified public accountant and attended the UCLA School of Law.[1] In 1957, he passed the bar exam.[1]
Career
[edit]He founded Real Property Management which was the single largest developer of the city of Marina del Rey.[2] In 1953, the Los Angeles County Board of Supervisors authorized a $2 million loan to fund the construction of the marina and on April 10, 1965 the Marina was completed.[3] Soon after, the County solicited bids for its development. In 1968, Lurie purchased a 60-year lease from Los Angeles County which gave him the right to build on 20 percent of the land.[2] He went on to build three hotels, two apartment complexes, 1,000 boat slips, and several shopping centers, offices, restaurants; his holdings also included the last undeveloped piece of waterfront land in Marina del Rey.[2]
After having cash flow problems[4] Lurie sold a 49.9% interest in 1989 in his Marina holdings to Saudi billionaire Abdul Aziz Al-Ibrahim (brother of Waleed bin Ibrahim Al Ibrahim and brother-in-law of King Fahd of Saudi Arabia) and several other unnamed foreign investors, forming Marina International Properties Ltd.[2] The transaction was approved by the Los Angeles County Board of Supervisors despite not disclosing the identity of the investors[2] and included the Marina Beach, Marina International and Marina del Rey hotels, the Admiralty and Islander apartments, Fisherman's Village, Pier 44, Marina Beach Shopping Center and Marina West office complex.[2] The partnership required additional funds and in late 1990, an agreement was reached for Al-Ibrahim to buy out Lurie's interest but the deal soon fell apart and Al-Ibrahim sued to dissolve the partnership.[2] This caused $50 million in loans from four separate banks to default.[2] Al-Ibrahim accused Lurie of fraud, diversion of funds, and the failure of providing adequate financial reporting; and asked the judge to give him control of the Marina holdings.[2] Lurie counter-sued accusing Al-Ibrahim of withholding funds that were required to be transferred under the partnership putting the solvency of Marina International Properties Ltd. at risk.[2] Lurie was unsuccessful in finding outside investors who did not want to wade into the middle of a lawsuit with a deep-pocketed and connected Saudi[5] and petitioned the court to allow him to sell some of the leases without Al-Ibrahim's approval to pay off his bankers.[2] The court refused and Marina International Properties Ltd filed for bankruptcy.[2] The lawsuit was ultimately won by Al-Ibrahim who took over control of the partnership[6] and settled the then $140 million in debt outstanding.
Personal life
[edit]In 1947,[citation needed] he married Claire Devera (later Waldman);[7] they divorced in 1981.[citation needed] In 1983, he married Katherine Lurie.[8] He had two children: Leslie Beck, Scott Lurie, and two step children, Donald Schneider and Thomas Carlyle. He has 5 grandchildren and 9 great grandchildren.[1]
Death
[edit]He died on June 29, 2010; services were held at Mount Sinai Memorial Park Cemetery in Hollywood Hills, Los Angeles.[1]
References
[edit]- ^ a b c d e f g h The Argonaut: "Former Prominent Marina Del Rey Developer Abraham Lurie Dies at 86" July 8, 2010
- ^ a b c d e f g h i j k l m Los Angeles Times: "Biggest Marina Developer Files for Bankruptcy : Finances: Abraham M. Lurie seeks court protection as he battles his Saudi partners for control of his extensive holdings" by Jeffrey L. Rabin June 13, 1991
- ^ Los Angeles Times: "Marina del Rey Development Rose Out of Mud (First Of Two Parts) November 12, 1989
- ^ In re MARINA INTERNATIONAL PROPERTIES, LTD., Debtor, Abraham M. LURIE, Appellant, v. Richard A. HALDERMAN, Jr., Trustee; Bank of Montreal; Marina Group of Companies, Appellees"
- ^ Los Angeles Times: "A New Twist in Marina Bankruptcy Case : Real estate: Builder Jona Goldrich says he made no deal to aid Abraham M. Lurie, who is fighting his Saudi partner for control of properties" by Jeffrey L. Rabin August 01, 1992
- ^ Los Angeles Times: "Saudi Wins Court Fight Over Marina : Real estate: Billionaire gains control of nearly 20% of county-owned Marina del Rey. Ruling ends Abraham Lurie's involvement" by Jeffrey L. Rabin and Ron Russell May 01, 1993
- ^ California. Court of Appeal (2nd Appellate District). Records and Briefs. State of California. April 19, 1991.
- ^ Los Angeles Times: "Abraham Lurie" July 6, 2010