Top business stories of 2005

House values soar, Nautical Museum becomes fun and Robinsons-May is ready to check out.Sea lions weren’t the only characters to make news in 2005. Here’s a sampling of some of the bigger business stories generated by Newport-Mesa’s movers and shakers.

Big deals in Balboa Village

Business tends to slow down during the fall and winter around Balboa Village. Nevertheless, the closing weeks of 2005 witnessed two major transactions at the seaside locale.

In the first deal, Newport Beach businessman Leo Gugasian and his son bought what may be the most famous building in all of Newport Beach -- the Balboa Pavilion. Gugasian, whose Newport Beach real estate holdings include properties at McFadden Square and Mariner’s Mile, said he plans no major changes for the building. The Pavilion, which opened in 1906, houses the Harborside Restaurant and Grand Ballroom, Davey’s Locker Sportfishing and the Catalina Passenger Service. Gugasian also agreed to purchase the Catalina Passenger Service.

Though Gugasian has indicated plans to stay the course at the Balboa Pavilion, significant changes are in the works for the Balboa Fun Zone. Newport Harbor Nautical Museum operators closed a deal to buy the Fun Zone’s land on Thursday. The Fun Zone’s previous ownership company, Balboa Fun Zone Rides Inc., has a 30-year deal to keep the Fun Zone’s famous Ferris wheel turning, but other attractions at the almost 70-year-old amusement arcade are expected to be cleared out for museum exhibits.

New looks for Newport Beach hotels