Because it’s owned by the city of LA and managed under contract by a private equity firm? And it’s an enormous event venue that hosts thousands and thousands of show horses very year? It operates under strict water and pollution control since it’s so big and urban? The manager is paid a solid 6 figure salary to run it. I’d guess there is 8 figures of horse flesh on that property today easily.
This isn’t your local back yard place that people are going to co-op.