SAN JOSE — A prominent San Jose casino property is now firmly in the hands of a Bay Area business executive following a $70 million-plus deal among family members.

The north San Jose site where Bay 101 Casino operates was purchased for $71.7 million, according to documents filed on July 1 with the Santa Clara County Recorder’s Office. The transaction involves only the real estate and doesn’t affect the casino, whose ownership and management remain in place.

Sutter’s Place Inc., whose chief executive officer is Timothy Bumb, now owns the casino property. S.J. Bayshore Development, a group whose primary executives are Brian Bumb and Timothy Bumb, sold it.

The upshot of the purchase was that as part of the transaction, Timothy Bumb bought out one or more family members, including Brian Bumb, according to state and county public documents.

Sutter’s Place also obtained a $65 million loan from Western Alliance Bank to finance the purchase, county records show.

The purchase price was 88.2% above the $38.3 million assessed value of the property in January 2024, as calculated by the Santa Clara County Assessor’s Office.

The family also owns the flea market property at 1590 Berryessa Rd. near the Berryessa BART station. There are plans for a potential redevelopment of the site that would primarily consist of housing, although construction has yet to begin.

The flea market would have to relocate to make way for the project.