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.