LandSource Communities Development LLC

A Lennar-led, 15,000-acre project in Southern California which went bust in 2007 amid the credit crunch — after Lennar sold most of its stake to CalPERS. Two years later, LandSource — itself a Lennar creation — filed for bankruptcy. Lennar then returned “to buy back, at a substantial discount, a chunk of the Newhall Ranch development north of Los Angeles that it sold for nearly $1 billion to the California state retirement system in 2007,” the Los Angeles Times reported in July 2009. After leaving CalPERS and its partners with huge losses, Lennar reported to its shareholders that "we recognized a deferred profit of $101.3 million" on the deal, according to its 2008 annual report to shareholders. Lennar secured an additional boon from the LandSource bankruptcy in July 2009: title to 650 acres of the former Mare Island Naval Shipyard, site of another troubled Lennar redevelopment.