The Limoneira Company, a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced the sale of its real estate development property referred to as “Sevilla” located in Santa Maria in Santa Barbara County, CA. The transaction closed on November 30, 2022 and the Company received approximately $2.6 million in cash proceeds and recorded an immaterial loss in the fiscal first quarter of 2023.
Harold Edwards, President and Chief Executive Officer, stated, "We are very pleased to have delivered on our goal to close the sale of our Sevilla property in calendar year 2022 and to deliver against our strategy of selectively selling off non-core assets as we move toward an asset-light model. We will use the cash generated by this sale to continue reducing our debt and enhance shareholder value.”
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