Bill and Amy Gross Announce Final City Approval of Laguna Beach Artwork

LAGUNA BEACH, Calif., June 7, 2022 /PRNewswire/ -- Bill and Amy Gross are pleased to announce the final approval by the City of Laguna Beach of their Dale Chihuly glass sculpture following almost two years of protracted and unnecessary litigation and conflict. The approval followed the withdrawal of an appeal by Mark Towfiq and Carol Nakahara of the Laguna Beach Design Review Board's original decision allowing the permanent installation of the artwork with certain conditions.

"Amy and I are relieved we can finally enjoy our art in peace and in full compliance with the City of Laguna Beach," said Bill Gross, a legendary bond and fixed income investor, and co-founder of Newport Beach-based Pimco. "While we are pleased at the final outcome, it is disappointing that it took so long, cost too much, and diverted valuable city, state and court resources for what was essentially a dispute among neighbors. Our offer to take our joint trial expenses totaling over $1 million and apply them to local Laguna Beach charities was rejected by the Towfiqs in a continuing attempt to sully my reputation. The approval by the Laguna Beach Design Review Board and City of Laguna Beach exposes their true intent in this rather ludicrous situation."

The City of Laguna Beach granted final approval of the Gross's artwork following the withdrawal of an appeal filed by Towfiq and Nakahara to the California Coastal Commission. In a staff report, the Coastal Commission found "no substantial issue" that would have merited a reversal of the original Laguna Beach Design Review Board approval of the artwork. In approving the Gross's artwork, the Design Review Board completely rejected a 12-page objection letter from Towfiq's and Nakahara's attorney that argued the artwork violated "neighborhood compatibility" and "view equity", among other complaints.

The Laguna Beach Design Review Board approved the Gross's artwork at its January 13 meeting, on the condition it be slightly moved to comply with setbacks, and that a protective cover be removed and light fixtures be operated manually and restricted to 30 minutes after sunset to 10 pm. Prior to the unanimous vote approving the artwork, Board Member Jessica Gannon said, "Not to be subjective, I think this is a beautiful piece of art and I wish I could look at this outside of my window. Unfortunately I cannot."

That decision was appealed by Towfiq and Nakahara to the California Coastal Commission, which issued an April 21 staff report rejecting the neighbors' arguments that the artwork violated local zoning laws. Towfiq and Nakahara withdrew their appeal following the staff report, and the Coastal Commission took the appeal off their May 2022 meeting agenda, bringing a formal end to the neighbors' multi-year campaign that accused the Grosses of several unproven zoning violations and other infractions.

The Gross's land use attorney, Laurence P. Nokes of Nokes & Quinn, said the city and state officials carefully considered the application and made the right decisions in approving the Gross's artwork. "While the process was protracted, it was worth it in the end to finally establish that the Gross's application to install a beautiful work of art in their private back yard fully complies with City and Coastal Commission requirements.  The Grosses may finally enjoy their art in their back yard unburdened by neighbor complaints to the City. We will now look forward to having the building permit finally inspected and approved."

Bill Gross has been a pioneer in fixed income investing for more than 50 years. He co-founded PIMCO in 1971 and served as managing director and chief investment officer until joining Janus Henderson Investors in 2014. He retired in 2019 to focus on managing his personal assets and private charitable foundation. Throughout his career, he has received numerous awards, including Morningstar Fixed Income Manager of the Decade for 2000 to 2009 and Fixed Income Manager of the Year for 1998, 2000 and 2007. Mr. Gross became the first portfolio manager inducted into the Fixed Income Analysts Society's Hall of Fame in 1996 and received the Bond Market Association's Distinguished Service Award in 2000. In 2011, Institutional Investor magazine awarded him the Money Management Lifetime Achievement Award. Mr. Gross oversees the $390 million-asset William, Jeff and Jennifer Gross Family Foundation, which annually donates up to $21 million to non-profits involved in humanitarian causes, health care, and education. For more information or to view Investment Outlook archives, please visit https://williamhgross.com. For information about Mr. Gross's philanthropic activities through the William, Jeff and Jennifer Gross Family Foundation, please visit https://grossfamilyfoundation.com/. Order his new book "I'm Still Standing: Bond King Bill Gross and the PIMCO Express" on Amazon.com.

Related Links

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SOURCE Bill Gross