Family buyout deal triggers purchase of San Jose casino property

SAN JOSE A prominent San Jose casino property is now firmly in the hands of a Bay Area business executive following a million-plus deal among family members for the purchase of the real estate The north San Jose property where Bay Casino operates has been bought for million according to documents filed on July with the Santa Clara County Recorder s Office Sutter s Place Inc whose chief executive officer is Timothy Bumb now owns the casino property S J Bayshore Advance a group whose primary executives are Brian Bumb and Timothy Bumb sold the casino to the Timothy Bumb-led Sutter s Place company The upshot of the purchase was that as part of the transaction Timothy Bumb bought out one or more family members including Brian Bumb according to state and county general documents Sutter s Place also obtained a million loan from Western Alliance Bank at the time of the transaction to finance the purchase the county records show The transaction involves only the real estate and doesn t affect the casino whose ownership and management remain in place The purchase price of million was above or nearly double the million value of the property in January as calculated by the Santa Clara County Assessor s Office The property purchase culminates a legal dispute that pitted members of the Bumb family against each other By happenstance the Bumb family owns the flea sphere property near the Berryessa BART station in northeast San Jose The flea area at Berryessa Road in San Jose is the site of a prospective redevelopment that would primarily consist of housing although construction has yet to begin The flea area would have to relocate to make way for the redevelopment