Santa Fe Financial (SFEF) 10-Q 14 Nov 14 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Sep. 30, 2014	Oct. 03, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'
Entity Registrant Name	'SANTA FE FINANCIAL CORP	'
Entity Central Index Key	'0000086759	'
Current Fiscal Year End Date	'--06-30	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'SFEF	'
Entity Common Stock, Shares Outstanding	'	1,241,810

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Jun. 30, 2014
ASSETS	'	'
Investment in hotel, net	$38,504,000	$37,883,000
Investment in real estate, net	4,965,000	4,981,000
Investment in marketable securities	3,996,000	4,931,000
Other investments, net	8,174,000	8,210,000
Cash and cash equivalents	1,837,000	1,139,000
Restricted cash - redemption	20,551,000	16,163,000
Restricted cash - mortgage impounds	846,000	944,000
Accounts receivable - hotel, net	2,347,000	1,964,000
Other assets, net	4,538,000	4,858,000
Deferred tax asset	7,428,000	7,246,000
Total assets	93,186,000	88,319,000
Liabilities:	'	'
Accounts payable and other liabilities	13,528,000	16,893,000
Redemption payable	20,551,000	16,163,000
Due to securities broker	0	998,000
Obligations for securities sold	1,177,000	102,000
Other notes payable	4,642,000	282,000
Mortgage notes payable - real estate	3,457,000	3,472,000
Mortgage notes payable - hotel	117,000,000	117,000,000
Total liabilities	160,355,000	154,910,000
Commitments and contingencies	'	'
Shareholders' deficit:	'	'
Common stock - par value $.10 per share; Authorized - 2,000,000; Issued 1,339,638 and outstanding 1,241,810	134,000	134,000
Additional paid-in capital	8,808,000	8,808,000
Accumulated deficit	-50,788,000	-50,259,000
Treasury stock, at cost, 97,828 shares	-951,000	-951,000
Total Santa Fe shareholders' deficit	-42,797,000	-42,268,000
Noncontrolling interest	-24,372,000	-24,323,000
Total shareholders' deficit	-67,169,000	-66,591,000
Total liabilities and shareholders' deficit	$93,186,000	$88,319,000

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2014	Jun. 30, 2014
Common stock, par value (in dollars per share)	$0.10	$0.10
Common Stock, Shares Authorized	2,000,000	2,000,000
Common Stock, Shares, Issued	1,339,638	1,339,638
Common Stock, Shares, Outstanding	1,241,810	1,241,810
Treasury Stock, Shares	97,828	97,828

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'
Hotel	$14,830,000	$13,305,000
Real estate	166,000	147,000
Total revenues	14,996,000	13,452,000
Costs and operating expenses:	'	'
Hotel operating expenses	-11,838,000	-9,532,000
Real estate operating expenses	-60,000	-143,000
Depreciation and amortization expense	-681,000	-640,000
General and administrative expense	-276,000	-245,000
Total costs and operating expenses	-12,855,000	-10,560,000
Income from operations	2,141,000	2,892,000
Other income (expense):	'	'
Interest expense - mortgages	-2,049,000	-661,000
Net (loss) gain on marketable securities	-696,000	134,000
Net unrealized loss on other investments	-36,000	0
Dividend and interest income	6,000	5,000
Trading and margin interest expense	-126,000	-131,000
Other expense, net	-2,901,000	-653,000
Income (loss) before income taxes	-760,000	2,239,000
Income tax benefit (expense)	182,000	-471,000
Net (loss) income	-578,000	1,768,000
Less: Net loss (income) attributable to the noncontrolling interest	49,000	-1,417,000
Net (loss) income attributable to Santa Fe	($529,000)	$351,000
Basic and diluted net (loss) income per share attributable to Santa Fe (in dollars per share)	($0.43)	$0.28
Weighted average number of common shares outstanding - basic and diluted (in shares)	1,241,810	1,241,810

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net (loss) income	($578,000)	$1,768,000
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:	'	'
Net unrealized loss (gain) on marketable securities	792,000	-245,000
Unrealized loss on other investments	36,000	0
Depreciation and amortization	681,000	640,000
Changes in assets and liabilities:	'	'
Investment in marketable securities	143,000	-504,000
Accounts receivable	-383,000	-172,000
Other assets	347,000	418,000
Accounts payable and other liabilities	-3,365,000	-1,401,000
Due to securities broker	-998,000	-79,000
Obligations for securities sold	1,075,000	729,000
Deferred tax asset	-182,000	471,000
Net cash (used in) provided by operating activities	-2,432,000	1,625,000
Cash flows from investing activities:	'	'
Payments for hotel and real estate investments	-1,313,000	-520,000
Net cash used in investing activities	-1,313,000	-520,000
Cash flows from financing activities:	'	'
Restriced cash - mortgage impounds	98,000	0
Proceeds from other notes payable	4,469,000	0
Payments on other notes payable	-109,000	-228,000
Payments on mortgage notes payable	-15,000	-250,000
Net cash provided by (used in) financing activities	4,443,000	-478,000
Net increase in cash and cash equivalents:	698,000	627,000
Cash and cash equivalents at the beginning of the period	1,139,000	688,000
Cash and cash equivalents at the end of the period	1,837,000	1,315,000
Supplemental information:	'	'
Interest paid	$2,083,000	$711,000

BASIS_OF_PRESENTATION_AND_SIGN

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation and Significant Accounting Policies [Text Block]	'
	NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
	The condensed consolidated financial statements included herein have been prepared by Santa Fe Financial Corporation (“Santa Fe” or the “Company”), without audit, according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all adjustments (which included only normal recurring adjustments) necessary for a fair statement of the financial position, cash flows and results of operations as of and for the periods indicated. It is suggested that these financial statements be read in conjunction with the audited financial statements of Santa Fe and the notes therein included in the Company's Annual Report on Form 10-K for the year ended June 30, 2014. The June 30, 2014 Condensed Consolidated Balance Sheet was derived from the Company’s Form 10-K for the year ended June 30, 2014.
	The results of operations for the three months ended September 30, 2014 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2015.
	For the three months ended September 30, 2014 and 2013, the Company had no components of comprehensive income other than net income itself.
	Santa Fe Financial Corporation, a Nevada corporation, (“Santa Fe” or the “Company”) owns approximately 68.8% of the outstanding common shares of Portsmouth Square, Inc. (“Portsmouth”), a public company. Santa Fe is an 80.9%-owned subsidiary of The InterGroup Corporation (“InterGroup”), a public company. InterGroup also directly owns approximately 12.9% of the common stock of Portsmouth, a public company.
	Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). Portsmouth controls approximately  93% of the voting interest in Justice and is the sole general partner. The financial statements of Justice are consolidated with those of the Company.
	Justice, through its subsidiaries Justice Holdings Company, LLC (“Holdings”), a Delaware Limited Liability Company, Justice Operating Company, LLC (“Operating”) and Justice Mezzanine Company, LLC (“Mezzanine”), owns a 543-room hotel property located at 750 Kearny Street, San Francisco California, known as the Hilton San Francisco Financial District (the Hotel) and related facilities including a five level underground parking garage. Holdings and Mezzanine are both a wholly-owned subsidiaries of the Partnership; Operating is a wholly-owned subsidiary of Mezzanine. Mezzanine is the Mezzanine borrower under certain indebtedness of Justice, and in December 2013, the Partnership conveyed ownership of the Hotel to Operating, The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. Justice also has a Management Agreement with Prism Hospitality L.P. (“Prism”) to perform management functions for the Hotel. The management agreement with Prism had an original term of ten years and can be terminated at any time with or without cause by the Partnership owner. Effective January 2014, the management agreement with Prism was amended by the Partnership. Effective December 1, 2013, GMP Management, Inc., a company owned by a Justice limited partner and related party, also provides management services for the Partnership pursuant to a Management Services Agreement, which is for a term of 3 years, but which can be terminated earlier by the Partnership for cause.
	Management believes that the revenues expected to be generated from the operations of the hotel, garage and leases will be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. Management also believes that there is significant value in the Hotel to support additional borrowings, if necessary.
	In addition to the operations of the Hotel, the Company also generates income from the ownership and management of real estate. On December 31, 1997, the Company acquired a controlling 55.4% interest in Intergroup Woodland Village, Inc. ("Woodland Village") from InterGroup. Woodland Village's major asset is a 27-unit apartment complex located in Los Angeles, California. The Company also owns a two-unit apartment building in Los Angeles, California.
	Basic income per share is calculated based upon the weighted average number of common shares outstanding during each respective period. During the three months ended September 30, 2014 and 2013, the Company did not have any potentially dilutive securities outstanding.

INVESTMENT_IN_HOTEL_NET

INVESTMENT IN HOTEL, NET (Hotel [Member])	3 Months Ended
	Sep. 30, 2014
Hotel [Member]	'
Real Estate Properties [Line Items]	'
Real Estate Disclosure [Text Block]	'
	NOTE 2 – INVESTMENT IN HOTEL, NET
	Investment in hotel consisted of the following as of:
				Accumulated		Net Book
	September 30, 2014	Cost		Depreciation		Value
	Land	$	1,896,000	$	-	$	1,896,000
	Furniture and equipment		24,760,000		-20,399,000		4,361,000
	Building and improvements		55,066,000		-22,819,000		32,247,000
		$	81,722,000	$	-43,218,000	$	38,504,000
				Accumulated		Net Book
				Accumulated		Net Book
	June 30, 2014	Cost		Depreciation		Value
	Land	$	1,896,000	$	-	$	1,896,000
	Furniture and equipment		23,306,000		-20,074,000		3,232,000
	Building and improvements		55,281,000		-22,526,000		32,755,000
		$	80,483,000	$	-42,600,000	$	37,883,000

INVESTMENT_IN_REAL_ESTATE_NET

INVESTMENT IN REAL ESTATE, NET (Apartment Building [Member])	3 Months Ended
	Sep. 30, 2014
Apartment Building [Member]	'
Real Estate Properties [Line Items]	'
Real Estate Disclosure [Text Block]	'
	NOTE 3 – INVESTMENT IN REAL ESTATE, NET
	The Company owns and operates a 27-unit and 2-unit multi-family apartment complex located in Los Angeles, California and owns land held for development located in Maui, Hawaii. Investment in real estate consisted of the following:
	As of	September 30, 2014		June 30, 2014
	Land	$	2,430,000	$	2,430,000
	Buildings, improvements and equipment		2,580,000		2,580,000
	Accumulated depreciation		-1,018,000		-1,002,000
			3,992,000		4,008,000
	Land held for development		973,000		973,000
	Investment in real estate, net	$	4,965,000	$	4,981,000

INVESTMENT_IN_MARKETABLE_SECUR

INVESTMENT IN MARKETABLE SECURITIES	3 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	'
	NOTE 4 - INVESTMENT IN MARKETABLE SECURITIES
	The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also invested in corporate bonds and income producing securities, which may include interests in real estate based companies and REITs, where financial benefit could transfer to its shareholders through income and/or capital gain.
	At September 30, 2014 and June 30, 2014, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows:
				Gross		Gross		Net		Fair
	Investment	Cost		Unrealized Gain		Unrealized Loss		Unrealized Gain		Value
	As of September 30, 2014
	Corporate
	Equities	$	4,544,000	$	426,000	$	-974,000	$	-548,000	$	3,996,000
	As of June 30, 2014
	Corporate
	Equities	$	4,603,000	$	1,250,000	$	-922,000	$	328,000	$	4,931,000
	As of September 30, 2014 and June 30, 2014, the Company had $933,000 and $901,000, respectively, of unrealized losses related to securities held for over one year.
	Net gain (loss) on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of the two components for the three months ended September 30, 2014 and 2013, respectively.
	For the three months ended September 30,	2014		2013
	Realized gain (loss) on marketable securities	$	96,000	$	-111,000
	Unrealized (loss) gain on marketable securities		-792,000		245,000
	Net (loss) gain on marketable securities	$	-696,000	$	134,000

OTHER_INVESTMENTS_NET

OTHER INVESTMENTS, NET	3 Months Ended
	Sep. 30, 2014
Other Investments [Abstract]	'
Other Investments Disclosure [Text Block]	'
	NOTE 5 – OTHER INVESTMENTS, NET
	The Company may also invest, with the approval of the Securities Investment Committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses. Other investments also include non-marketable warrants carried at fair value.
	Other investments, net consist of the following:
	Type	September 30, 2014		June 30, 2014
	Preferred stock - Comstock, at cost	$	6,659,000	$	6,659,000
	Private equity hedge fund, at cost		1,025,000		1,025,000
	Corporate debt and equity instruments, at cost		168,000		168,000
	Other preferred stock, at cost		240,000		240,000
	Warrants - at fair value		82,000		118,000
		$	8,174,000	$	8,210,000

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	NOTE 6 - FAIR VALUE MEASUREMENTS
	The carrying values of the Company’s financial instruments not required to be carried at fair value on a recurring basis approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).
	The assets measured at fair value on a recurring basis are as follows:
	As of September 30, 2014
	Assets:	Level 1		Level 2		Level 3		Total
	Other investments - warrants	$	-	$	-	$	82,000	$	82,000
	Investment in marketable securities:
	Basic materials		1,900,000		-		-		1,900,000
	Technology and telecommunications		1,040,000						1,040,000
	Entertainment		457,000						457,000
	Financial services		234,000		-		-		234,000
	REITs and real estate companies		170,000		-		-		170,000
	Other		195,000		-		-		195,000
			3,996,000		-		-		3,996,000
		$	3,996,000	$	-	$	82,000	$	4,078,000
	As of June 30, 2014
	Assets:	Level 1		Level 2		Level 3		Total
	Other investments - warrants	$	-	$	-	$	118,000	$	118,000
	Investment in marketable securities:
	Basic materials		2,657,000		-		-		2,657,000
	Technology		479,000		-		-		479,000
	Financial services		287,000		-		-		287,000
	REITs and real estate companies		278,000		-		-		278,000
	Other		1,230,000		-		-		1,230,000
			4,931,000		-		-		4,931,000
		$	4,931,000	$	-	$	118,000	$	5,049,000
	The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model.
	Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, net (non-marketable securities),” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:
										Net loss for the three months
	Assets	Level 1		Level 2		Level 3		September 30, 2014		ended September 30, 2014
	Other non-marketable investments	$	-	$	-	$	8,092,000	$	8,092,000	$	-
											Net loss for the three months
	Assets		Level 1		Level 2	Level 3			June 30, 2014		ended September 30, 2013
	Other non-marketable investments	$	-	$	-	$	8,092,000	$	8,092,000	$	-
	Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments and holds less than 20% ownership in each of the investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.

SEGMENT_INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	NOTE 7 – SEGMENT INFORMATION
	The Company operates in three reportable segments, the operation of the hotel (“Hotel Operations”), its multi-family residential properties (“Real Estate Operations) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These three operating segments, as presented in the financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this same information. Information below represents reporting segments for the three months ended September 30, 2014 and 2013, respectively. Operating income for rental properties consist of rental income. Operating income from hotel operations consists of the operation of the hotel and operation of the garage. Operating income from investment transactions consist of net investment gain and dividend and interest income.
	As of and for the three months	Hotel		Real Estate		Investment
	ended September 30, 2014	Operations		Operations		Transactions		Other		Total
	Revenues	$	14,830,000	$	166,000	$	-	$	-	$	14,996,000
	Segment operating expenses		-11,838,000		-60,000		-		-276,000		-12,174,000
	Segment income (loss)		2,992,000		106,000		-		-276,000		2,822,000
	Interest expense		-2,024,000		-25,000		-		-		-2,049,000
	Depreciation and amortization expense		-666,000		-15,000		-		-		-681,000
	Income from investments		-		-		-852,000		-		-852,000
	Income tax benefit		-		-		-		182,000		182,000
	Net income (loss)	$	302,000	$	66,000	$	-852,000	$	-94,000	$	-578,000
	Total assets	$	38,504,000	$	4,965,000	$	12,170,000	$	37,547,000	$	93,186,000
	As of and for the three months	Hotel		Real Estate		Investment
	ended September 30, 2013	Operations		Operations		Transactions		Other		Total
	Revenues	$	13,305,000	$	147,000	$	-	$	-	$	13,452,000
	Segment operating expenses		-9,532,000		-143,000		-		-245,000		-9,920,000
	Segment income (loss)		3,773,000		4,000		-		-245,000		3,532,000
	Interest expense		-635,000		-26,000		-		-		-661,000
	Depreciation and amortization expense		-624,000		-16,000		-		-		-640,000
	Income from investments		-		-		8,000		-		8,000
	Income tax expense		-		-		-		-471,000		-471,000
	Net income (loss)	$	2,514,000	$	-38,000	$	8,000	$	-716,000	$	1,768,000
	Total assets	$	37,491,000	$	5,027,000	$	13,887,000	$	8,867,000	$	65,272,000

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	NOTE 8 – RELATED PARTY TRANSACTIONS
	On July 2, 2014, the Partnership obtained from the Intergroup Corporation (parent company of Portsmouth) an unsecured loan in the principal amount of $4,250,000 at 12% per year fixed interest, with a term of 2 years, payable interest only each month. Intergroup received a 3% loan fee. The loan may be prepaid at any time without penalty. The proceeds of the loan were applied to the July 2014 payments to Holdings described in Note 19 of the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014.
	Certain shared costs and expenses primarily administrative expenses including rent and insurance, are allocated among the Company and its subsidiary, Portsmouth, and the Company’s parent, InterGroup, based on management’s estimate of the pro rata utilization of resources. For the three months ended September 30, 2014 and 2013, the Company and Portsmouth made payments to InterGroup of $36,000 for each respective period.
	During the three months ended September 30, 2014 and 2013, the Company received management fees from Justice Investors totaling $140,000 and $112,000, respectively.
	In connection with the redemption of limited partnership interests of Justice Investors, Limited Partnership (which took place during fiscal year ended June 30, 2014), Justice Operating Company, LLC agreed to pay a total of $1,550,000 in fees to certain officers and directors of the Company for services rendered in connection with the redemption of partnership interests, refinancing of Justice’s properties and reorganization of Justice Investors. This agreement was superseded by a letter dated December 11, 2013 from Justice Investors, Limited Partnership, in which Justice Investors Limited Partnership assumed the payment obligations of Justice Operating Company, LLC. The first payment under this agreement was made concurrently with the closing of the loan agreements, with the remaining payments due upon Justice Investor’s having adequate available cash as described in the letter. As of September 30, 2014, $1,250,000 of these fees remain outstanding.
	Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of InterGroup.
	John V. Winfield serves as Chief Executive Officer and Chairman of the Company, Portsmouth, and InterGroup. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family, Portsmouth and InterGroup may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and his family members, and the resources of Portsmouth and InterGroup, at risk in connection with investment decisions made on behalf of the Company.

INVESTMENT_IN_HOTEL_NET_Tables

INVESTMENT IN HOTEL, NET (Tables) (Hotel [Member])	3 Months Ended
	Sep. 30, 2014
Hotel [Member]	'
Real Estate Properties [Line Items]	'
Schedule of Real Estate Properties [Table Text Block]	'
	Investment in hotel consisted of the following as of:
				Accumulated		Net Book
	September 30, 2014	Cost		Depreciation		Value
	Land	$	1,896,000	$	-	$	1,896,000
	Furniture and equipment		24,760,000		-20,399,000		4,361,000
	Building and improvements		55,066,000		-22,819,000		32,247,000
		$	81,722,000	$	-43,218,000	$	38,504,000
				Accumulated		Net Book
				Accumulated		Net Book
	June 30, 2014	Cost		Depreciation		Value
	Land	$	1,896,000	$	-	$	1,896,000
	Furniture and equipment		23,306,000		-20,074,000		3,232,000
	Building and improvements		55,281,000		-22,526,000		32,755,000
		$	80,483,000	$	-42,600,000	$	37,883,000

INVESTMENT_IN_REAL_ESTATE_NET_

INVESTMENT IN REAL ESTATE, NET (Tables) (Apartment Building [Member])	3 Months Ended
	Sep. 30, 2014
Apartment Building [Member]	'
Real Estate Properties [Line Items]	'
Schedule of Real Estate Properties [Table Text Block]	'
	The Company owns and operates a 27-unit and 2-unit multi-family apartment complex located in Los Angeles, California and owns land held for development located in Maui, Hawaii. Investment in real estate consisted of the following:
	As of	September 30, 2014		June 30, 2014
	Land	$	2,430,000	$	2,430,000
	Buildings, improvements and equipment		2,580,000		2,580,000
	Accumulated depreciation		-1,018,000		-1,002,000
			3,992,000		4,008,000
	Land held for development		973,000		973,000
	Investment in real estate, net	$	4,965,000	$	4,981,000

INVESTMENT_IN_MARKETABLE_SECUR1

INVESTMENT IN MARKETABLE SECURITIES (Tables)	3 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Marketable Securities [Table Text Block]	'
	Trading securities are summarized as follows:
				Gross		Gross		Net		Fair
	Investment	Cost		Unrealized Gain		Unrealized Loss		Unrealized Gain		Value
	As of September 30, 2014
	Corporate
	Equities	$	4,544,000	$	426,000	$	-974,000	$	-548,000	$	3,996,000
	As of June 30, 2014
	Corporate
	Equities	$	4,603,000	$	1,250,000	$	-922,000	$	328,000	$	4,931,000
Gain (Loss) on Investments [Table Text Block]	'
	Below is the composition of the two components for the three months ended September 30, 2014 and 2013, respectively.
	For the three months ended September 30,	2014		2013
	Realized gain (loss) on marketable securities	$	96,000	$	-111,000
	Unrealized (loss) gain on marketable securities		-792,000		245,000
	Net (loss) gain on marketable securities	$	-696,000	$	134,000

OTHER_INVESTMENTS_NET_Tables

OTHER INVESTMENTS, NET (Tables)	3 Months Ended
	Sep. 30, 2014
Other Investments [Abstract]	'
Other Investments [Table Text Block]	'
	Other investments, net consist of the following:
	Type	September 30, 2014		June 30, 2014
	Preferred stock - Comstock, at cost	$	6,659,000	$	6,659,000
	Private equity hedge fund, at cost		1,025,000		1,025,000
	Corporate debt and equity instruments, at cost		168,000		168,000
	Other preferred stock, at cost		240,000		240,000
	Warrants - at fair value		82,000		118,000
		$	8,174,000	$	8,210,000

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	'
	The assets measured at fair value on a recurring basis are as follows:
	As of September 30, 2014
	Assets:	Level 1		Level 2		Level 3		Total
	Other investments - warrants	$	-	$	-	$	82,000	$	82,000
	Investment in marketable securities:
	Basic materials		1,900,000		-		-		1,900,000
	Technology and telecommunications		1,040,000						1,040,000
	Entertainment		457,000						457,000
	Financial services		234,000		-		-		234,000
	REITs and real estate companies		170,000		-		-		170,000
	Other		195,000		-		-		195,000
			3,996,000		-		-		3,996,000
		$	3,996,000	$	-	$	82,000	$	4,078,000
	As of June 30, 2014
	Assets:	Level 1		Level 2		Level 3		Total
	Other investments - warrants	$	-	$	-	$	118,000	$	118,000
	Investment in marketable securities:
	Basic materials		2,657,000		-		-		2,657,000
	Technology		479,000		-		-		479,000
	Financial services		287,000		-		-		287,000
	REITs and real estate companies		278,000		-		-		278,000
	Other		1,230,000		-		-		1,230,000
			4,931,000		-		-		4,931,000
		$	4,931,000	$	-	$	118,000	$	5,049,000
Fair Value Measurements, Nonrecurring [Table Text Block]	'
	The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:
										Net loss for the three months
	Assets	Level 1		Level 2		Level 3		September 30, 2014		ended September 30, 2014
	Other non-marketable investments	$	-	$	-	$	8,092,000	$	8,092,000	$	-
											Net loss for the three months
	Assets		Level 1		Level 2	Level 3			June 30, 2014		ended September 30, 2013
	Other non-marketable investments	$	-	$	-	$	8,092,000	$	8,092,000	$	-

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	3 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
	Operating income from investment transactions consist of net investment gain and dividend and interest income.
	As of and for the three months	Hotel		Real Estate		Investment
	ended September 30, 2014	Operations		Operations		Transactions		Other		Total
	Revenues	$	14,830,000	$	166,000	$	-	$	-	$	14,996,000
	Segment operating expenses		-11,838,000		-60,000		-		-276,000		-12,174,000
	Segment income (loss)		2,992,000		106,000		-		-276,000		2,822,000
	Interest expense		-2,024,000		-25,000		-		-		-2,049,000
	Depreciation and amortization expense		-666,000		-15,000		-		-		-681,000
	Income from investments		-		-		-852,000		-		-852,000
	Income tax benefit		-		-		-		182,000		182,000
	Net income (loss)	$	302,000	$	66,000	$	-852,000	$	-94,000	$	-578,000
	Total assets	$	38,504,000	$	4,965,000	$	12,170,000	$	37,547,000	$	93,186,000
	As of and for the three months	Hotel		Real Estate		Investment
	ended September 30, 2013	Operations		Operations		Transactions		Other		Total
	Revenues	$	13,305,000	$	147,000	$	-	$	-	$	13,452,000
	Segment operating expenses		-9,532,000		-143,000		-		-245,000		-9,920,000
	Segment income (loss)		3,773,000		4,000		-		-245,000		3,532,000
	Interest expense		-635,000		-26,000		-		-		-661,000
	Depreciation and amortization expense		-624,000		-16,000		-		-		-640,000
	Income from investments		-		-		8,000		-		8,000
	Income tax expense		-		-		-		-471,000		-471,000
	Net income (loss)	$	2,514,000	$	-38,000	$	8,000	$	-716,000	$	1,768,000
	Total assets	$	37,491,000	$	5,027,000	$	13,887,000	$	8,867,000	$	65,272,000

BASIS_OF_PRESENTATION_AND_SIGN1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	3 Months Ended
	Sep. 30, 2014
Basis Of Presentation And Significant Accounting Policies [Line Items]	'
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	93.00%
Management Services, Term	'3 years
Portsmouth [Member]	'
Basis Of Presentation And Significant Accounting Policies [Line Items]	'
Equity Method Investment, Ownership Percentage	68.80%
Intergroup [Member]	'
Basis Of Presentation And Significant Accounting Policies [Line Items]	'
Equity Method Investment, Ownership Percentage	80.90%
Noncontrolling Interest, Ownership Percentage by Parent	12.90%
Woodland Village Inc [Member]	'
Basis Of Presentation And Significant Accounting Policies [Line Items]	'
Equity Method Investment, Ownership Percentage	55.40%

INVESTMENT_IN_HOTEL_NET_Detail

INVESTMENT IN HOTEL, NET (Details) (Hotel [Member], USD $)	Sep. 30, 2014	Jun. 30, 2014
Property, Plant and Equipment [Line Items]	'	'
Cost	$81,722,000	$80,483,000
Accumulated Depreciation	-43,218,000	-42,600,000
Net Book Value	38,504,000	37,883,000
Land [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Cost	1,896,000	1,896,000
Accumulated Depreciation	0	0
Net Book Value	1,896,000	1,896,000
Furniture and Equipment [member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Cost	24,760,000	23,306,000
Accumulated Depreciation	-20,399,000	-20,074,000
Net Book Value	4,361,000	3,232,000
Building Improvements [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Cost	55,066,000	55,281,000
Accumulated Depreciation	-22,819,000	-22,526,000
Net Book Value	$32,247,000	$32,755,000

INVESTMENT_IN_REAL_ESTATE_NET_1

INVESTMENT IN REAL ESTATE, NET (Details) (USD $)	Sep. 30, 2014	Jun. 30, 2014
Property, Plant and Equipment [Line Items]	'	'
Investment in real estate, net	$38,504,000	$37,883,000
Apartment Building [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Accumulated depreciation	-1,018,000	-1,002,000
Real Estate Investments, Net	3,992,000	4,008,000
Land held for development	973,000	973,000
Investment in real estate, net	4,965,000	4,981,000
Land [Member] | Apartment Building [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Cost	2,430,000	2,430,000
Buildings, Improvements and Equipment [Member] | Apartment Building [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Cost	$2,580,000	$2,580,000

INVESTMENT_IN_MARKETABLE_SECUR2

INVESTMENT IN MARKETABLE SECURITIES (Details) (USD $)	3 Months Ended			3 Months Ended	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014	Sep. 30, 2014	Jun. 30, 2014
				Equity Securities [Member]	Equity Securities [Member]
Investment - Corporate Equities	'	'	'	'	'
Cost	'	'	'	$4,544,000	$4,603,000
Gross Unrealized Gain	'	'	'	426,000	1,250,000
Gross Unrealized Loss	'	'	'	-974,000	-922,000
Net Unrealized Gain	-792,000	245,000	'	-548,000	328,000
Fair Value	$3,996,000	'	$4,931,000	$3,996,000	$4,931,000

INVESTMENT_IN_MARKETABLE_SECUR3

INVESTMENT IN MARKETABLE SECURITIES (Details 1) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Realized gain (loss) on marketable securities	$96,000	($111,000)
Unrealized (loss) gain on marketable securities	-792,000	245,000
Net (loss) gain on marketable securities	($696,000)	$134,000

INVESTMENT_IN_MARKETABLE_SECUR4

INVESTMENT IN MARKETABLE SECURITIES (Details Textual) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Jun. 30, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Trading Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	$933,000	$901,000

OTHER_INVESTMENTS_NET_Details

OTHER INVESTMENTS, NET (Details) (USD $)	Sep. 30, 2014	Jun. 30, 2014
Other Investment [Line Items]	'	'
Other investments, net	$8,174,000	$8,210,000
Preferred stock - Comstock, at cost [Member]	'	'
Other Investment [Line Items]	'	'
Other investments, net	6,659,000	6,659,000
Private equity hedge fund, at cost [Member]	'	'
Other Investment [Line Items]	'	'
Other investments, net	1,025,000	1,025,000
Corporate debt and equity instruments, at cost [Member]	'	'
Other Investment [Line Items]	'	'
Other investments, net	168,000	168,000
Other preferred stock, at cost [Member]	'	'
Other Investment [Line Items]	'	'
Other investments, net	240,000	240,000
Warrants - at fair value [Member]	'	'
Other Investment [Line Items]	'	'
Other investments, net	$82,000	$118,000

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Sep. 30, 2014	Jun. 30, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Other investments - warrants	$82,000	$118,000
Investment in marketable securities	3,996,000	4,931,000
Assets, Fair Value Disclosure	4,078,000	5,049,000
Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Other investments - warrants	0	0
Investment in marketable securities	3,996,000	4,931,000
Assets, Fair Value Disclosure	3,996,000	4,931,000
Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Other investments - warrants	0	0
Investment in marketable securities	0	0
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Other investments - warrants	82,000	118,000
Investment in marketable securities	0	0
Assets, Fair Value Disclosure	82,000	118,000
Basic materials [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	1,900,000	2,657,000
Basic materials [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	1,900,000	2,657,000
Basic materials [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Basic materials [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Technology [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	1,040,000	479,000
Technology [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	1,040,000	479,000
Technology [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	'	0
Technology [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	'	0
Entertainment [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	457,000	'
Entertainment [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	457,000	'
Financial services [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	234,000	287,000
Financial services [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	234,000	287,000
Financial services [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Financial services [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
REITs and real estate companies [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	170,000	278,000
REITs and real estate companies [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	170,000	278,000
REITs and real estate companies [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
REITs and real estate companies [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Other [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	195,000	1,230,000
Other [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	195,000	1,230,000
Other [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Other [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	$0	$0

FAIR_VALUE_MEASUREMENTS_Detail1

FAIR VALUE MEASUREMENTS (Details 1) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Other non-marketable investments	$8,092,000	'	$8,092,000
Net loss	0	0	'
Other Investments [Member] | Fair Value, Inputs, Level 1 [Member]	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Other non-marketable investments	0	'	0
Other Investments [Member] | Fair Value, Inputs, Level 2 [Member]	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Other non-marketable investments	0	'	0
Other Investments [Member] | Fair Value, Inputs, Level 3 [Member]	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Other non-marketable investments	$8,092,000	'	$8,092,000

FAIR_VALUE_MEASUREMENTS_Detail2

FAIR VALUE MEASUREMENTS (Details Textual)	3 Months Ended
	Sep. 30, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'
Cost Method Investments, Additional Information	'The Company has no significant influence or control over the entities that issue these investments and holds less than 20% ownership in each of the investments.

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Segment Reporting Information [Line Items]	'	'	'
Revenues	$14,996,000	$13,452,000	'
Segment operating expenses	-12,174,000	-9,920,000	'
Segment income (loss)	2,822,000	3,532,000	'
Interest expense	-2,049,000	-661,000	'
Depreciation and amortization expense	-681,000	-640,000	'
Income from investments	-852,000	8,000	'
Income tax benefit	182,000	-471,000	'
Net income (loss)	-578,000	1,768,000	'
Total assets	93,186,000	65,272,000	88,319,000
Hotel [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Revenues	14,830,000	13,305,000	'
Segment operating expenses	-11,838,000	-9,532,000	'
Segment income (loss)	2,992,000	3,773,000	'
Interest expense	-2,024,000	-635,000	'
Depreciation and amortization expense	-666,000	-624,000	'
Income from investments	0	0	'
Income tax benefit	0	0	'
Net income (loss)	302,000	2,514,000	'
Total assets	38,504,000	37,491,000	'
Real Estate Operations [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Revenues	166,000	147,000	'
Segment operating expenses	-60,000	-143,000	'
Segment income (loss)	106,000	4,000	'
Interest expense	-25,000	-26,000	'
Depreciation and amortization expense	-15,000	-16,000	'
Income from investments	0	0	'
Income tax benefit	0	0	'
Net income (loss)	66,000	-38,000	'
Total assets	4,965,000	5,027,000	'
Investment Transactions [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Revenues	0	0	'
Segment operating expenses	0	0	'
Segment income (loss)	0	0	'
Interest expense	0	0	'
Depreciation and amortization expense	0	0	'
Income from investments	-852,000	8,000	'
Income tax benefit	0	0	'
Net income (loss)	-852,000	8,000	'
Total assets	12,170,000	13,887,000	'
Other Property [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Revenues	0	0	'
Segment operating expenses	-276,000	-245,000	'
Segment income (loss)	-276,000	-245,000	'
Interest expense	0	0	'
Depreciation and amortization expense	0	0	'
Income from investments	0	0	'
Income tax benefit	182,000	-471,000	'
Net income (loss)	-94,000	-716,000	'
Total assets	$37,547,000	$8,867,000	'

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Textual) (USD $)	3 Months Ended		12 Months Ended	0 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014	Jul. 02, 2014
				Intergroup [Member]
Related Party Transaction [Line Items]	'	'	'	'
Management Fees Revenue, Total	$140,000	$112,000	'	'
Costs and Expenses, Related Party	36,000	36,000	'	'
Management Fee Expense	'	'	1,550,000	'
Debt Instrument Fee Percent	'	'	'	3.00%
Debt Instrument, Face Amount	'	'	'	4,250,000
Debt Instrument, Interest Rate, Stated Percentage	'	'	'	12.00%
Debt Instrument, Term	'	'	'	'2 years
Management Fee Payable	$1,250,000	'	'	'