The price quoted is under a leaseback arrangement, where you must agree to let the property most of the time, but receive a waiver on paying 19 per cent VAT in return.
There might have been a US-brokered compromise, like the British leaseback under Argentinian sovereignty proposed by her loyal ally, Nick Ridley, the previous year.
Under that sale-leaseback deal, the Times Company would sell the 19 floors it uses in the building but not the six floors it leases to other tenants.
It seeks a 10-year leaseback.
The government has been criticised for failing to bring in safeguards after Southern Cross collapsed last year under a huge debt pile, after private equity investors sold off the care homes in a sale and leaseback scheme.
The leaseback continues to enjoy the support of the governor.
As with Arizona's leaseback, the California auction has become a political football.
Some investors in French property buy into sale and leaseback schemes.
Overall, the sale and leaseback is expected to have a minimal impact on profits.
The bill's title, "State property: Orange County Fair: inventory; leases; sale and leaseback" gave little hint of its import.
