The Wall Street Journal reported Thursday evening that Lennar Corp. is close to a deal to reacquire properties, including the 12,000 acre tract know as Newhall Ranch land north of Los Angeles, from bankrupt LandSource Communities Development LLC.

According to the Journal, the properties would be acquired by a consortium of LandSource creditors including Lennar at a significant discount from what they were sold for when Lennar sold much of its interest to Calpers, the California Public Employee Retirement System fund. The newspaper said it had reviewed a proposed sale agreement that was sent to creditors of LandSource. The newspaper said, however, that it could not determine how the deal would value the land.

The deal, according to the Journal, is subject to the approval of a bankruptcy court judge and is likely to face opposition from other creditors.

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