Condos at San Quentin? California's broke and wants to hold a bake sale

In a desperate move to balance California's budget, Governor Schwartzenegger has proposed selling off several iconic state-owned properties, including San Quentin prison, the Los Angeles Memorial Colosseum, Daly City's Cow Palace, and other valuable holdings.

Estimates of the value of these properties vary widely. San Quentin, for example, sits on prime ocean-front real estate, and could be an ideal spot for condominiums. According to some analysts, it could be worth up to $2 billion. The LA Memorial Colosseum, on the other hand, has a 25-year contract to host football games for the University of Southern California, which means that the owners would have a hard time turning a profit on the estimated $400 million purchase price.