A nonprofit has been in charge of the attraction for more than a decade, but a new private operator, ACS Infrastructure Development, Inc., in partnership with the city, is taking over for the next 30 years, and it will reopen the funicular by Labor Day, city officials announced Wednesday.
At the time, Bunker Hill was a fashionable, upper-class neighborhood, and the funicular ended almost at the doorstep of the elegant Crocker Mansion (the three-story house was razed in 1980 by the Elks Club).
It was put in storage, then, in 1996, was reassembled and relocated a half-block south.
The railway reopened in 2010 only to be shut down again for an unsafe wheel in 2011.
The asking price for the massive 2,700-acre Los Olivos estate has dropped $33 million.