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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Our family has a place in Inglewood. We love it. It's been in our family since the late 40's. While the neighborhood around it is kind of sketchy, it's close to the airport and the beach, and the 405 is like half a mile away. We've rebuilt the home that was on site about 10 years ago, and use this place as an AirBNB host site and we stay there when we're in LA. There's a wall all the way around it, and it's like a private compound.

The property is HUGE (by LA standards) almost 7 acres, and has 3 wells that are yielding almost 11 barrels of LSC daily. The oil revenue alone has put 9 kids through college since the 60's

Everyone should own an oil well. It's like a license to print money. And when the barrel price falls below your desired profit point, you just turn it off and wait for the price to come back up. The oil will still be there![/quote]

Holy sh#t, that is nuts. I'm originally from Long Beach, so many questions for you. I had no idea people were privately pumping oil! I assumed all the mineral rights were owned by large companies.
-Who installed the equipment and how much did it cost?
-Where the hell does one even have 7 acres in Inglewood?!?

Kudos to your family. Talk about a smart investment!!![/quote]

It's near Florence and La Brea. Grandfather bought it when he left the Navy and started working for the airport. There was almost nothing there back then, there were still farms and fields all over the place. The mineral rights were easy, since ARCO considered the wells "panned out", meaning they weren't pumping enough oil to be worth the trouble of keeping the pumpjacks going. Hillcrest-Beverly has 40-some years left on a 99 year exclusive purchase contract to truck the pumped oil away a couple times a month. Some years it's almost not enough to be worth the fuss, other years it's pretty great. We've only "lost" money on it a few times, and back when oil was $150+ a barrel, it was making us almost $300,000 annually. Not bad for three little holes that are too small for anyone to be interested in, lol. The neighborhood is not great. Everyone still talks about the riots, but nothing happened to us. The area is starting to gentrify, but I don't know if it'll ever be a place worth living full time in. The main feature is being next ot the airport and the freeway, so it's a great spot if you're passing through. I can't ever see it being worth the trouble of pulling the wells and subdividing the lot, because the environmental rules are so draconian about cleaning up the site after the wells are closed. We'd have to truck away hundreds of loads of dirt and replace them with "clean" dirt in order to meet the rules. So we'll just keep it in the family for now, it'll be my kids/grandkids problem one day, haha. [/quote]

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