Arnold wants to sell San Quentin

Faced with massive budget problems, California Gov. Arnold Schwarzenegger is looking to sell a number of state-owned properties including, most famously, San Quentin State Prison.

In a plan released today, Schwarzenegger's administration explained the necessity of exploring these draconian options.

"There are thousands of buildings and land parcels throughout California that represent billions of dollars of equity," the plan says, as quoted in a story in the London Times. "California's current fiscal crisis has prompted new ways of thinking about how the state can unlock some of this value."

The London Timesreports that "State legislators have been considering selling San Quentin for years, with some proposals suggesting that it could fetch more than $1 billion."