The abandoned, 98-year-old California Theatre building at the corner of Fourth Avenue and C Street in downtown San Diego must be sold by the end of next year or razed shortly thereafter, per the terms of a just-announced legal settlement.

Wednesday, the City Attorney’s Office announced that the city of San Diego and the state of California settled a more than 2-year-old lawsuit against the bankrupt owner, Caydon Property Group, which had planned to redevelop the rotting property before going belly up in 2022.

The settlement, known as a stipulation for entry of final judgment, requires Caydon to immediately list the property for sale and close escrow by Dec. 31, 2026. If a transaction is not finalized by the end of 2026, the property owner must then submit plans to demolish the California

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