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 $70 million-plus deal among family members for the purchase of the real estate.
The north San Jose property where Bay 101 Casino operates has been bought for $71.7 million, according to documents filed on July 1 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 Development, 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 public documents.
Sutter’s Place also obtained a $65 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 $71.7 million was 88.2% above — or nearly double — the $38.3 million value of the property in January 2024, 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 market property near the Berryessa BART station in northeast San Jose.
The flea market at 1590 Berryessa Road in San Jose is the site of a potential redevelopment that would primarily consist of housing, although construction has yet to begin.
The flea market would have to relocate to make way for the redevelopment.