Word: salton
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Dates: during 1950-1959
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Last week he was once again proving this in his most ambitious project: Salton City, 150 miles southeast of Los Angeles. By the desert's curious standards, Salton City is something of a bargain. Though the summer heat is high (up to 125° F.) and the land is low (234 ft. below sea level), there is water and there is a major highway (U.S. 99). By car and plane, buyers hustled to the sun-struck sands and low-lying, spiny, green clumps of greasewood along the shores of 30-mile-long Salton Sea. There they plunked down...
Three years ago, Phillips started buying his 19,600 acres along the west shores of Salton Sea for $2.4 million, divided it into 54,000 lots, most of them about one-third of an acre. Thus far, 11,000 lots have been developed with streets and water (from a 658-ft.-deep artesian well), and close to 7,000 have been sold despite their high ($2,000 to $4,000) price tags...
...make it, Phillips so far has spent or committed $10.9 million on Salton City. Improvement costs are high, but so are profits. On a one-third-acre plot that costs Phillips about $40, he puts in another $400 for development and $600 for promotion. His selling price: $2,000 or more. After a land buyer has paid one-third the cost of his lot, the Phillips organization will provide 100% financing, at 7% interest, to build a house...
Asked about Sherman Adams, Salton-still affirmed Adams' "basic honesty" and added, smiling, "He never did anything for me that he shouldn't have." "You will notice there is no mention of integrity in government in this year's platform," said the Senator...
...first heard Thursday night that the Secretary of State, on the recommendation of both Ambassador Henry Cabot Lodge '24 and Senator Leverett Salton-stall '14 (R-Mass.), would submit his name to President Eisenhower...