Caruso to buy Miramar?

That's the rumble anyway, as reported by the Santa Barbara Independent Web site. Caruso, who is known for his shopping center efforts (notably The Grove), would be purchasing the venerable Miramar from Ty Warner, billionaire founder of the Beanie Babies empire. Warner got into run-ins with the Montecito Association over his plans for the seaside property, but Caruso would likely have an easier time with the locals (at least that's what they're saying now). “We are lucky that there is a buyer who visits Santa Barbara and understands the Santa Barbara dynamic, and that he is on a par with Ty Warner as far as quality,” one local leader who met with Caruso told the paper. I don't recall Caruso having experience in the hotel racket, so this could be interesting. Before Warner, the Miramar was owned by Ian Schrager, who ran into financial problems and was forced to bail.