GADSDEN PROPERTIES, INC. : Other Events (form 8-K)

ITEM 8.01. OTHER EVENTS.

On December 31, 2019, Gadsden Growth Properties, L.P., ("GGPL"), a subsidiary of Gadsden Properties, Inc. (OTC Pink: GADS; TASE: GADS; "Gadsden"), entered into a Purchase and Sale Agreement with La Jolla Pacific Investments ("La Jolla"), a California limited liability company, pursuant to which, on December 31, 2019, La Jolla acquired 100% of GGPL's interest in a limited liability company, Gadsden Jesse, LLC (the "LLC"), with La Jolla assuming ownership of and responsibility for all assets and liabilities of the LLC, including land commonly known as the "Jessie Lots" constituting approximately 13.68 gross acres and consisting of 94 residential lots, in exchange for the sum of Fifty Thousand Dollars ($50,000) and the assumption of all the LLC's liabilities including outstanding loans from GCA Equity Partners LLC of approximately $1.8 million.

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