STEPHENS, Circuit Judge.
In 1913 a syndicate purchased 16,004 acres of unimproved land commonly known as Rancho Palos Verdes. The property consists of the semi-arid hump of land or foothill lying westerly of San Pedro and Wilmington in Los Angeles County, California, about twenty-five miles south of the main business section of Los Angeles City. The hump slopes off rather gradually from around 1400 feet above sea level southerly and westerly to high, bold bluffs at...
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