How The WilshirelCountry Club of Los An$eles Paid for Itself

We have all heard wonderful tales of miraculous advancement in the value of California real estate, and of "killings" that have been made by investors during the past few years.

Of course, some of these stories are exaggerated, but thousands of these cases are easily authenticated, even though they sound like fairy tales.

But the best example of picking up a fortune in California real estate that has come to our notice in some time fell to the lot of a bunch of people in Los Angeles who five years ago decided to organize a Country Club and Golf Course. They created the Wilshire Country Club, right in the heart of the present residence district of the city.

They leased 103 acres of land, and on it built a beautiful country club and golf course. And in the past two years there has sprung up all around that golf course one of the most wonderful residence districts in the United States, composed of hundreds upon hundreds of wonderful homes. It rivals the finest districts in Pasadena for splendor.

That was five years ago. Their lease gave them the privilege of buying the land whenever they got ready, at a stipulated price. Remember, there was 103 acres in the plot of ground.

Now comes the d6nouement. Across from the Club House they established a parking space for members' cars, covering an acre and a half. Comes now the man from whom they leased the 103 acres, with a proposition. He asks for the lot now used for a parking place, and another acre and a half a block away in the corner of one of the fairways and on the boulevard. And for these three acres he agrees to give them the other hundred.

The land in that immediate vicinity is selling freely at from $12,000 to $30,000 per acre for home sites, and the owner, knowing that they have made a great fortune on their lease with privilege of buying, offers to let them keep 100 acres, and for the original 103 acres he takes'those two lots of three acres total, and gives them a quit claim on the other 100.

They have accepted the proposition, of course, since it permits them to buy their property without putting up either money or paper, and the refinancing of the Club is now being perfected.

How is that for a true California real estate story?