Timothy Bumb completed the $71.7 million purchase of the Bay 101 Casino property in north San Jose, acquired from family members in a deal finalized on July 1. The purchase was financed partially by a $65 million loan from Western Alliance Bank. Notably, the price paid is significantly above the assessed value of $38.3 million earlier in 2024. While the real estate transaction concluded a legal dispute among Bumb family members, the casino's existing management and ownership structure remain unchanged. Other family properties, like a flea market site, may face redevelopment challenges in the future.
Timothy Bumb purchased the north San Jose property where Bay 101 Casino operates for $71.7 million, as stated in documents filed with the Santa Clara County Recorder's Office.
Sutter's Place Inc., led by Timothy Bumb, acquired the casino property with a $65 million loan from Western Alliance Bank, financing the buyout from family members.
The purchase price of $71.7 million was substantially higher than the property's assessed value of $38.3 million earlier in 2024, indicating a significant rise in real estate value.
The transaction does not alter the ownership or management of the Bay 101 Casino, only the underlying real estate is affected.
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