San Quentin Going Up For Sale

For Sale: Some of California's most well known properties.

San Quentin State Prison, the Cow Palace, and the LA Coliseum would be up for sale under the governor's revised budget proposal, according to a copy of the document reviewed by The Los Angeles Times.

The plan will be released Thursday.

The Times reported that the list also includes Cal Expo in Sacramento, the Del Mar Fairground and the Ventura County Fairgrounds.

The plan would bring in between $600 million and $1 billion, the Times reported.

The sale of San Quentin State Prison, home to more than 5,300 inmates, the Wall Street Journal reported in March that it might bring in $2 billion. The prison, built in 1852, cost $260 million to operate last year, according to the WSJ report.

Its sale has been studied by the state Corrections Department, but previous proposals to sell the property have not gained traction.

California faces a $15.4 billion budget deficit in the coming fiscal year, nearly double the previous estimate, according to the governor's office.

Schwarzenegger is scheduled to release two versions of his budget proposal forthe coming fiscal year, and both will show California in a deep fiscal hole.

The Republican governor says the state will face a $15.4 billion deficit starting July 1, a little more than four months after he signed a budget designed to eliminate the state's red ink.

The shortfall will grow by about $6 billion if voters reject three of five budget-related measures on Tuesday's special election ballot. His proposals will account for different outcomes from the election.

A recession that has left California with an unemployment rate exceeding 11 percent islargely to blame for the growing deficit, creating a steep drop in tax revenue.

The governor has hinted that teacher layoffs and cuts to the state workforce are ahead.

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