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Santa Monica Ferris wheel has new owner

ABC7 Eyewitness News HD covering Los Angeles and Southern California.

January 7, 2011 12:00:00 AM PST
The famous Ferris wheel and amusement center on the Santa Monica Pier have a new owner.Pacific Park Amusement Center has been sold to a Florida-based real estate trust for $34 million.

CNL Lifestyle Properties bought the park along with a ground lease for the 2-acre property.

Santa Monica Amusements opened the park in 1996 and will continue to operate the amusement center.

About 4 million people visit the park each year, last year grossing nearly $20 million.