SACRAMENTO — California will pay $24 million to settle litigation brought by investors who say the state reneged on a 2010 deal to sell 11 properties for $2.3 billion.
Gov. Arnold Schwarzenegger proposed the sale to help generate revenue to help fill the state’s recession-plagued budget deficit. Investment group California First L.P. agreed to buy the buildings, including those that house the Supreme Court in San Francisco and the attorney general’s office in Sacramento, and lease space back to the state.
