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Ty Warner Plans to Sell Miramar Hotel

Beanie Babies mogul Ty Warner is giving up his fight over the Miramar Hotel in Montecito.

In a statement released Tuesday night, an executive for Warner says the billionaire has decided to sell the landmark following a bitter battle with the Montecito Association. Warner purchased the hotel last year with the intentions of renovating it. He also wanted to build a public access stairway at Butterfly Beach.

KEY News reporter Martha Bull has more on this story.

Story Created: Nov 28, 2006 at 11:46 PM PDT

Story Updated: Nov 29, 2006 at 3:17 PM PDT

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