San Quentin Seen as a Hot Property: California Lawmakers Hope Prison by the Bay Would Fetch as Much as $2 Billion

The Wall Street Journal reports:

Even amid the real-estate bust, waterfront property in the San Francisco Bay area is a luxury few can afford. That's why some California lawmakers want to sell San Quentin State Prison -- which houses more than 5,300 inmates on prime land with stunning views of the bay -- to developers who might pay as much as $2 billion.

State Sen. Jeff Denham, who has sponsored a bill to sell the complex of historic buildings for private development, thinks the proceeds could help replenish California's recession-depleted coffers.

Remember that line about "they don't make anymore real estate"? They forgot to tell you that governments have large land holdings they might and can be sold.