There’s a new owner of 1,183 acres in North Indio in January who plans to do absolutely nothing with it other than sit, wait, and hope it increases in value.
According to the Desert Sun, the family trust GM Gabrych Family LP bought the land on January 25 for $8 million. The company’s general partner is Eugene Gabrych, who owns 200,000 acres of land in California said he purchased the land “for speculation.”
“I am not a developer,” he said. “It’s just an investment. I don’t have any plans.”
An interesting side note, the property was previously owned by the Saxony Group, the same company behind the failed Coachella Valley Wind-Up, the La Quinta Convention Center, the Saxony Fashion Outlets in Rancho Mirage, the Grand in La Quinta, etc.
