Santa Fe Financial (SFEF) 10-Q 11 May 15 2015 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Mar. 31, 2015	Apr. 24, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Entity Registrant Name	SANTA FE FINANCIAL CORP
Entity Central Index Key	86759
Current Fiscal Year End Date	-24
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 $)	Mar. 31, 2015	Jun. 30, 2014
ASSETS
Investment in hotel, net	$39,697,000	$37,883,000
Investment in real estate, net	4,934,000	4,981,000
Investment in marketable securities	2,761,000	4,931,000
Other investments, net	7,948,000	8,210,000
Cash and cash equivalents	1,131,000	1,139,000
Restricted cash - redemption	0	16,163,000
Restricted cash - mortgage impounds	604,000	944,000
Accounts receivable - hotel, net	1,663,000	1,964,000
Other assets, net	5,183,000	4,858,000
Deferred tax asset	8,478,000	7,246,000
Total assets	72,399,000	88,319,000
Liabilities:
Accounts payable and other liabilities	15,659,000	16,893,000
Redemption payable	0	16,163,000
Due to securities broker	872,000	998,000
Obligations for securities sold	0	102,000
Other notes payable	4,791,000	282,000
Mortgage notes payable - real estate	3,425,000	3,472,000
Mortgage notes payable - hotel	117,000,000	117,000,000
Total liabilities	141,747,000	154,910,000
Commitments and contingencies
Shareholders' deficit:
Common stock - par value $.10 per share; Authorized shares - 2,000,000; Shares 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	-52,469,000	-50,259,000
Treasury stock, at cost, 97,828 shares	-951,000	-951,000
Total Santa Fe shareholders' deficit	-44,478,000	-42,268,000
Noncontrolling interest	-24,870,000	-24,323,000
Total shareholders' deficit	-69,348,000	-66,591,000
Total liabilities and shareholders' deficit	$72,399,000	$88,319,000

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2015	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 (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Hotel	$13,983,000	$11,849,000	$42,857,000	$37,428,000
Real estate	158,000	163,000	475,000	469,000
Total revenues	14,141,000	12,012,000	43,332,000	37,897,000
Costs and operating expenses:
Hotel operating expenses	-11,997,000	-10,620,000	-35,868,000	-29,645,000
Hotel restructuring costs	0	300,000	0	-6,995,000
Hotel occupancy tax - penalty fees			0	-1,084,000
Real estate operating expenses	-92,000	-89,000	-219,000	-331,000
Depreciation and amortization expense	-734,000	-481,000	-2,120,000	-1,858,000
General and administrative expense	-240,000	-261,000	-748,000	-758,000
Total costs and operating expenses	-13,063,000	-11,151,000	-38,955,000	-40,671,000
Income (loss) from operations	1,078,000	861,000	4,377,000	-2,774,000
Other income (expense):
Interest expense - mortgage	-1,938,000	-1,791,000	-5,951,000	-3,245,000
Interest expense - occupancy tax			0	-328,000
Loss on extinguishment of debt			0	-3,910,000
Loss on disposal of assets			-51,000	-1,092,000
Net (loss) gain on marketable securities	-411,000	26,000	-1,950,000	326,000
Impairment loss on other investments	-248,000	0	-248,000	0
Net unrealized (loss) gain on other investments	-36,000	68,000	-64,000	64,000
Dividend and interest income	1,000	2,000	257,000	258,000
Trading and margin interest expense	-116,000	-136,000	-359,000	-384,000
Other expense, net	-2,748,000	-1,831,000	-8,366,000	-8,311,000
Loss before income taxes	-1,670,000	-970,000	-3,989,000	-11,085,000
Income tax benefit	503,000	332,000	1,232,000	2,593,000
Net loss	-1,167,000	-638,000	-2,757,000	-8,492,000
Less: Net loss attributable to the noncontrolling interest	258,000	194,000	547,000	2,423,000
Net loss attributable to Santa Fe	($909,000)	($444,000)	($2,210,000)	($6,069,000)
Basic and diluted net loss per share attributable to Santa Fe (in dollars per share)	($0.73)	($0.36)	($1.78)	($4.89)
Weighted average number of common shares outstanding - basic and diluted (in shares)	1,241,810	1,241,810	1,241,810	1,241,810

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($2,757,000)	($8,492,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Net unrealized loss (gain) on marketable securities	1,975,000	-54,000
Impairment loss on other investments	248,000	0
Unrealized loss (gain) on other investments	64,000	-64,000
Loss on extinguishment of debt	0	3,910,000
Loss on disposal of assets	51,000	1,092,000
Depreciation and amortization	2,120,000	1,858,000
Changes in assets and liabilities:
Investment in marketable securities	195,000	653,000
Accounts receivable	301,000	216,000
Other assets	-182,000	-2,469,000
Accounts payable and other liabilities	-1,234,000	6,491,000
Due to securities broker	-126,000	93,000
Obligations for securities sold	-102,000	-928,000
Deferred tax asset	-1,232,000	-2,593,000
Net cash used in operating activities	-679,000	-287,000
Cash flows from investing activities:
Payments for hotel and real estate investments	-4,081,000	-2,258,000
Payments for other investments	-50,000	-150,000
Net cash used in investing activities	-4,131,000	-2,408,000
Cash flows from financing activities:
Restricted cash - withdrawal of (payments to) mortgage impounds, net	340,000	-1,359,000
Redemption payments, net	0	-64,152,000
Proceeds from mortgage and other notes payable, net	4,462,000	68,568,000
Net cash provided by financing activities	4,802,000	3,057,000
Net (decrease) increase in cash and cash equivalents:	-8,000	362,000
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	1,131,000	1,050,000
Supplemental information:
Interest paid	$6,032,000	$3,354,000

BASIS_OF_PRESENTATION_AND_SIGN

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2015
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 and nine months ended March 31, 2015 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2015.
	For the three and nine months ended March 31, 2015 and 2014, 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 81.3%-owned subsidiary of The InterGroup Corporation (“InterGroup”), a public company. InterGroup also directly owns approximately 13.1% 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 and nine months ended March 31, 2015 and 2014, the Company did not have any potentially dilutive securities outstanding.
	Recently Issued Accounting Pronouncements
	Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The amendments in this ASU are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU reduces the number of consolidation models from four to two, thereby simplifying the criteria for consolidation by: (a) Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met; (b) Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE) and changing consolidation conclusions in several industries that typically make use of limited partnerships or VIEs. The ASU will be effective for periods beginning after December 15, 2015, with early adoption permitted. The Company plans to adopt these provisions in the third quarter of 2016 and currently does not expect the adoption to have a material impact on its consolidated financial statements.
	In May 2014, the FASB issued Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should 1) identify the contract(s) with a customer, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. This update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early adoption is not permitted. The Company is in the process of evaluating the impact of this standard on its financial statements.

INVESTMENT_IN_HOTEL_NET

INVESTMENT IN HOTEL, NET (Hotel [Member])	9 Months Ended
	Mar. 31, 2015
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
	March 31, 2015	Cost		Depreciation		Value
	Land	$	1,896,000	$	-	$	1,896,000
	Furniture and equipment		25,578,000		-21,221,000		4,357,000
	Building and improvements		57,745,000		-24,301,000		33,444,000
		$	85,219,000	$	-45,522,000	$	39,697,000
					Accumulated		Net Book
					Accumulated		Net Book
	30-Jun-14		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])	9 Months Ended
	Mar. 31, 2015
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	March 31, 2015		June 30, 2014
	Land	$	2,430,000	$	2,430,000
	Buildings, improvements and equipment		2,580,000		2,580,000
	Accumulated depreciation		-1,049,000		-1,002,000
			3,961,000		4,008,000
	Land held for development		973,000		973,000
	Investment in real estate, net	$	4,934,000	$	4,981,000

INVESTMENT_IN_MARKETABLE_SECUR

INVESTMENT IN MARKETABLE SECURITIES	9 Months Ended
	Mar. 31, 2015
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 March 31, 2015 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 (Loss)		Value
	As of March 31, 2015
	Corporate
	Equities	$	4,412,000	$	302,000	$	-1,953,000	$	-1,651,000	$	2,761,000
	As of June 30, 2014
	Corporate
	Equities	$	4,603,000	$	1,250,000	$	-922,000	$	328,000	$	4,931,000
	As of March 31, 2015 and June 30, 2014, the Company had $1,923,000 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 and nine months ended March 31, 2015 and 2014, respectively.
	For the three months ended March 31,	2015		2014
	Realized (loss) gain on marketable securities	$	-75,000	$	253,000
	Unrealized loss on marketable securities		-336,000		-227,000
	Net (loss) gain on marketable securities	$	-411,000	$	26,000
	For the nine months ended March 31,	2015		2014
	Realized gain on marketable securities	$	25,000	$	272,000
	Unrealized (loss) gain on marketable securities		-1,975,000		54,000
	Net (loss) gain on marketable securities	$	-1,950,000	$	326,000

OTHER_INVESTMENTS_NET

OTHER INVESTMENTS, NET	9 Months Ended
	Mar. 31, 2015
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	March 31, 2015		June 30, 2014
	Preferred stock - Comstock, at cost	$	6,659,000	$	6,659,000
	Private equity hedge fund, at cost		777,000		1,025,000
	Corporate debt and equity instruments, at cost		168,000		168,000
	Other preferred stock, at cost		290,000		240,000
	Warrants - at fair value		54,000		118,000
		$	7,948,000	$	8,210,000
	During the three months ended March 31, 2015, the Company performed an impairment analysis of its other investments and determined that one of its investments had an other than temporary impairment and recorded impairment losses of $248,000.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Mar. 31, 2015
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 March 31, 2015
	Assets:	Level 1		Level 2		Level 3		Total
	Other investments - warrants	$	-	$	-	$	54,000	$	54,000
	Investment in marketable securities:
	Basic materials		1,194,000		-		-		1,194,000
	Industrial goods		654,000						654,000
	Financial services		398,000						398,000
	Energy		189,000		-		-		189,000
	REITs and real estate companies		137,000		-		-		137,000
	Other		189,000		-		-		189,000
			2,761,000		-		-		2,761,000
		$	2,761,000	$	-	$	54,000	$	2,815,000
	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 nine months
	Assets	Level 1		Level 2		Level 3		31-Mar-15		ended March 31, 2015
	Other non-marketable investments	$	-	$	-	$	7,894,000	$	7,894,000	$	-248,000
										Net loss for the nine months
	Assets	Level 1		Level 2		Level 3		June 30, 2014		ended March 31, 2014
	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	9 Months Ended
	Mar. 31, 2015
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 and nine months ended March 31, 2015 and 2014, 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. Income (loss) from investment transactions consist of net investment gain (loss), impairment loss on other investments, net unrealized gain (loss) on other investments, dividend and interest income and trading and margin interest expense.
	As of and for the three months	Hotel		Real Estate		Investment
	ended March 31, 2015	Operations		Operations		Transactions		Other		Total
	Revenues	$	13,983,000	$	158,000	$	-	$	-	$	14,141,000
	Segment operating expenses		-11,997,000		-92,000		-		-240,000		-12,329,000
	Segment income (loss)		1,986,000		66,000		-		-240,000		1,812,000
	Interest expense - mortgage		-1,913,000		-25,000		-		-		-1,938,000
	Depreciation and amortization expense		-719,000		-15,000		-		-		-734,000
	Loss from investments		-		-		-810,000		-		-810,000
	Income tax benefit		-		-		-		503,000		503,000
	Net income (loss)	$	-646,000	$	26,000	$	-810,000	$	263,000	$	-1,167,000
	Total assets	$	48,175,000	$	4,934,000	$	10,709,000	$	8,581,000	$	72,399,000
	As of and for the three months	Hotel		Real Estate		Investment
	ended March 31, 2014	Operations		Operations		Transactions		Other		Total
	Revenues	$	11,849,000	$	163,000	$	-	$	-	$	12,012,000
	Segment operating expenses		-10,620,000		-89,000		-		-261,000		-10,970,000
	Segment income (loss)		1,229,000		74,000		-		-261,000		1,042,000
	Interest expense - mortgage		-1,766,000		-25,000		-		-		-1,791,000
	Hotel restructuring adjustment		300,000		-		-		-		300,000
	Depreciation and amortization expense		-465,000		-16,000		-		-		-481,000
	Loss from investments		-		-		-40,000		-		-40,000
	Income tax benefit		-		-		-		332,000		332,000
	Net income (loss)	$	-702,000	$	33,000	$	-40,000	$	71,000	$	-638,000
	Total assets	$	44,002,000	$	4,996,000	$	12,753,000	$	25,577,000	$	87,328,000
	As of and for the nine months	Hotel		Real Estate		Investment
	ended March 31, 2015	Operations		Operations		Transactions		Other		Total
	Revenues	$	42,857,000	$	475,000	$	-	$	-	$	43,332,000
	Segment operating expenses		-35,868,000		-219,000		-		-748,000		-36,835,000
	Segment loss		6,989,000		256,000		-		-748,000		6,497,000
	Interest expense - mortgage		-5,876,000		-75,000		-		-		-5,951,000
	Loss on disposal of assets		-51,000		-		-		-		-51,000
	Depreciation and amortization expense		-2,074,000		-46,000		-		-		-2,120,000
	Income from investments		-		-		-2,364,000		-		-2,364,000
	Income tax benefit		-		-		-		1,232,000		1,232,000
	Net income (loss)	$	-1,012,000	$	135,000	$	-2,364,000	$	484,000	$	-2,757,000
	Total assets	$	48,175,000	$	4,934,000	$	10,709,000	$	8,581,000	$	72,399,000
	As of and for the nine months	Hotel		Real Estate		Investment
	ended March 31, 2014	Operations		Operations		Transactions		Other		Total
	Revenues	$	37,428,000	$	469,000	$	-	$	-	$	37,897,000
	Segment operating expenses		-37,724,000		-331,000		-		-758,000		-38,813,000
	Segment income (loss)		-296,000		138,000		-		-758,000		-916,000
	Interest expense - mortgage		-3,168,000		-77,000		-		-		-3,245,000
	Interest expense - occupancy tax		-328,000		-		-		-		-328,000
	Loss on extinguishment of debt		-3,910,000		-		-		-		-3,910,000
	Loss on disposal of assets		-1,092,000		-		-		-		-1,092,000
	Depreciation and amortization expense		-1,811,000		-47,000		-		-		-1,858,000
	Income from investments		-		-		264,000		-		264,000
	Income tax benefit		-		-		-		2,593,000		2,593,000
	Net income (loss)	$	-10,605,000	$	14,000	$	264,000	$	1,835,000	$	-8,492,000
	Total assets	$	44,002,000	$	4,996,000	$	12,753,000	$	25,577,000	$	87,328,000

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Mar. 31, 2015
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, rent and insurance are allocated among the Company, the Company’s parent, Santa Fe and InterGroup, the parent of Santa Fe, based on management's estimate of the pro rata utilization of resources. For the three and nine months ended March 31, 2015 and 2014, these expenses were approximately $36,000 and $108,000, for each respective period.
	During the three months ended March 31, 2015 and 2014, the Company received management fees from Justice Investors totaling $138,000 and $113,000, respectively. During the nine months ended March 31, 2015 and 2014, the Company received management fees from Justice Investors totaling $419,000 and $333,000, respectively.
	These fees are eliminated in consolidation.
	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 March 31, 2015, $1,250,000 of these fees remain payable.
	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.

BASIS_OF_PRESENTATION_AND_SIGN1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements
	Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The amendments in this ASU are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU reduces the number of consolidation models from four to two, thereby simplifying the criteria for consolidation by: (a) Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met; (b) Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE) and changing consolidation conclusions in several industries that typically make use of limited partnerships or VIEs. The ASU will be effective for periods beginning after December 15, 2015, with early adoption permitted. The Company plans to adopt these provisions in the third quarter of 2016 and currently does not expect the adoption to have a material impact on its consolidated financial statements.
	In May 2014, the FASB issued Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should 1) identify the contract(s) with a customer, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. This update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early adoption is not permitted. The Company is in the process of evaluating the impact of this standard on its financial statements.

INVESTMENT_IN_HOTEL_NET_Tables

INVESTMENT IN HOTEL, NET (Tables) (Hotel [Member])	9 Months Ended
	Mar. 31, 2015
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
	March 31, 2015	Cost		Depreciation		Value
	Land	$	1,896,000	$	-	$	1,896,000
	Furniture and equipment		25,578,000		-21,221,000		4,357,000
	Building and improvements		57,745,000		-24,301,000		33,444,000
		$	85,219,000	$	-45,522,000	$	39,697,000
					Accumulated		Net Book
					Accumulated		Net Book
	30-Jun-14		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])	9 Months Ended
	Mar. 31, 2015
Apartment Building [Member]
Real Estate Properties [Line Items]
Schedule of Real Estate Properties [Table Text Block]	Investment in real estate consisted of the following:
	As of	March 31, 2015		June 30, 2014
	Land	$	2,430,000	$	2,430,000
	Buildings, improvements and equipment		2,580,000		2,580,000
	Accumulated depreciation		-1,049,000		-1,002,000
			3,961,000		4,008,000
	Land held for development		973,000		973,000
	Investment in real estate, net	$	4,934,000	$	4,981,000

INVESTMENT_IN_MARKETABLE_SECUR1

INVESTMENT IN MARKETABLE SECURITIES (Tables)	9 Months Ended
	Mar. 31, 2015
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 (Loss)		Value
	As of March 31, 2015
	Corporate
	Equities	$	4,412,000	$	302,000	$	-1,953,000	$	-1,651,000	$	2,761,000
	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 and nine months ended March 31, 2015 and 2014, respectively.
	For the three months ended March 31,	2015		2014
	Realized (loss) gain on marketable securities	$	-75,000	$	253,000
	Unrealized loss on marketable securities		-336,000		-227,000
	Net (loss) gain on marketable securities	$	-411,000	$	26,000
	For the nine months ended March 31,	2015		2014
	Realized gain on marketable securities	$	25,000	$	272,000
	Unrealized (loss) gain on marketable securities		-1,975,000		54,000
	Net (loss) gain on marketable securities	$	-1,950,000	$	326,000

OTHER_INVESTMENTS_NET_Tables

OTHER INVESTMENTS, NET (Tables)	9 Months Ended
	Mar. 31, 2015
Other Investments [Abstract]
Other Investments [Table Text Block]	Other investments, net consist of the following:
	Type	March 31, 2015		June 30, 2014
	Preferred stock - Comstock, at cost	$	6,659,000	$	6,659,000
	Private equity hedge fund, at cost		777,000		1,025,000
	Corporate debt and equity instruments, at cost		168,000		168,000
	Other preferred stock, at cost		290,000		240,000
	Warrants - at fair value		54,000		118,000
		$	7,948,000	$	8,210,000

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Mar. 31, 2015
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 March 31, 2015
	Assets:	Level 1		Level 2		Level 3		Total
	Other investments - warrants	$	-	$	-	$	54,000	$	54,000
	Investment in marketable securities:
	Basic materials		1,194,000		-		-		1,194,000
	Industrial goods		654,000						654,000
	Financial services		398,000						398,000
	Energy		189,000		-		-		189,000
	REITs and real estate companies		137,000		-		-		137,000
	Other		189,000		-		-		189,000
			2,761,000		-		-		2,761,000
		$	2,761,000	$	-	$	54,000	$	2,815,000
	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 nine months
	Assets	Level 1		Level 2		Level 3		31-Mar-15		ended March 31, 2015
	Other non-marketable investments	$	-	$	-	$	7,894,000	$	7,894,000	$	-248,000
										Net loss for the nine months
	Assets	Level 1		Level 2		Level 3		June 30, 2014		ended March 31, 2014
	Other non-marketable investments	$	-	$	-	$	8,092,000	$	8,092,000	$	-

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	9 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Operating income from hotel operations consists of the operation of the hotel and operation of the garage. Income (loss) from investment transactions consist of net investment gain (loss), impairment loss on other investments, net unrealized gain (loss) on other investments, dividend and interest income and trading and margin interest expense.
	As of and for the three months	Hotel		Real Estate		Investment
	ended March 31, 2015	Operations		Operations		Transactions		Other		Total
	Revenues	$	13,983,000	$	158,000	$	-	$	-	$	14,141,000
	Segment operating expenses		-11,997,000		-92,000		-		-240,000		-12,329,000
	Segment income (loss)		1,986,000		66,000		-		-240,000		1,812,000
	Interest expense - mortgage		-1,913,000		-25,000		-		-		-1,938,000
	Depreciation and amortization expense		-719,000		-15,000		-		-		-734,000
	Loss from investments		-		-		-810,000		-		-810,000
	Income tax benefit		-		-		-		503,000		503,000
	Net income (loss)	$	-646,000	$	26,000	$	-810,000	$	263,000	$	-1,167,000
	Total assets	$	48,175,000	$	4,934,000	$	10,709,000	$	8,581,000	$	72,399,000
	As of and for the three months	Hotel		Real Estate		Investment
	ended March 31, 2014	Operations		Operations		Transactions		Other		Total
	Revenues	$	11,849,000	$	163,000	$	-	$	-	$	12,012,000
	Segment operating expenses		-10,620,000		-89,000		-		-261,000		-10,970,000
	Segment income (loss)		1,229,000		74,000		-		-261,000		1,042,000
	Interest expense - mortgage		-1,766,000		-25,000		-		-		-1,791,000
	Hotel restructuring adjustment		300,000		-		-		-		300,000
	Depreciation and amortization expense		-465,000		-16,000		-		-		-481,000
	Loss from investments		-		-		-40,000		-		-40,000
	Income tax benefit		-		-		-		332,000		332,000
	Net income (loss)	$	-702,000	$	33,000	$	-40,000	$	71,000	$	-638,000
	Total assets	$	44,002,000	$	4,996,000	$	12,753,000	$	25,577,000	$	87,328,000
	As of and for the nine months	Hotel		Real Estate		Investment
	ended March 31, 2015	Operations		Operations		Transactions		Other		Total
	Revenues	$	42,857,000	$	475,000	$	-	$	-	$	43,332,000
	Segment operating expenses		-35,868,000		-219,000		-		-748,000		-36,835,000
	Segment loss		6,989,000		256,000		-		-748,000		6,497,000
	Interest expense - mortgage		-5,876,000		-75,000		-		-		-5,951,000
	Loss on disposal of assets		-51,000		-		-		-		-51,000
	Depreciation and amortization expense		-2,074,000		-46,000		-		-		-2,120,000
	Income from investments		-		-		-2,364,000		-		-2,364,000
	Income tax benefit		-		-		-		1,232,000		1,232,000
	Net income (loss)	$	-1,012,000	$	135,000	$	-2,364,000	$	484,000	$	-2,757,000
	Total assets	$	48,175,000	$	4,934,000	$	10,709,000	$	8,581,000	$	72,399,000
	As of and for the nine months	Hotel		Real Estate		Investment
	ended March 31, 2014	Operations		Operations		Transactions		Other		Total
	Revenues	$	37,428,000	$	469,000	$	-	$	-	$	37,897,000
	Segment operating expenses		-37,724,000		-331,000		-		-758,000		-38,813,000
	Segment income (loss)		-296,000		138,000		-		-758,000		-916,000
	Interest expense - mortgage		-3,168,000		-77,000		-		-		-3,245,000
	Interest expense - occupancy tax		-328,000		-		-		-		-328,000
	Loss on extinguishment of debt		-3,910,000		-		-		-		-3,910,000
	Loss on disposal of assets		-1,092,000		-		-		-		-1,092,000
	Depreciation and amortization expense		-1,811,000		-47,000		-		-		-1,858,000
	Income from investments		-		-		264,000		-		264,000
	Income tax benefit		-		-		-		2,593,000		2,593,000
	Net income (loss)	$	-10,605,000	$	14,000	$	264,000	$	1,835,000	$	-8,492,000
	Total assets	$	44,002,000	$	4,996,000	$	12,753,000	$	25,577,000	$	87,328,000

BASIS_OF_PRESENTATION_AND_SIGN2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	9 Months Ended
	Mar. 31, 2015
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	81.30%
Noncontrolling Interest, Ownership Percentage by Parent	13.10%
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) (USD $)	Mar. 31, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Cost	$85,219,000	$80,483,000
Accumulated Depreciation	-45,522,000	-42,600,000
Net Book Value	39,697,000	37,883,000
Land [Member] | Hotel [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] | Hotel [Member]
Property, Plant and Equipment [Line Items]
Cost	25,578,000	23,306,000
Accumulated Depreciation	-21,221,000	-20,074,000
Net Book Value	4,357,000	3,232,000
Building and Improvements [Member] | Hotel [Member]
Property, Plant and Equipment [Line Items]
Cost	57,745,000	55,281,000
Accumulated Depreciation	-24,301,000	-22,526,000
Net Book Value	$33,444,000	$32,755,000

INVESTMENT_IN_REAL_ESTATE_NET_1

INVESTMENT IN REAL ESTATE, NET (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Cost	$85,219,000	$80,483,000
Accumulated depreciation	-45,522,000	-42,600,000
Investment in hotel, net	39,697,000	37,883,000
Investment in real estate, net	4,934,000	4,981,000
Apartment Building [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	-1,049,000	-1,002,000
Land held for development	973,000	973,000
Investment in real estate, net	4,934,000	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		9 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014
Investment - Corporate Equities
Net Unrealized Gain (Loss)	($336,000)	($227,000)	($1,975,000)	$54,000
Fair Value	2,761,000		2,761,000		4,931,000
Equity Securities [Member]
Investment - Corporate Equities
Cost	4,412,000		4,412,000		4,603,000
Gross Unrealized Gain			302,000		1,250,000
Gross Unrealized Loss			-1,953,000		-922,000
Net Unrealized Gain (Loss)			-1,651,000		328,000
Fair Value	$2,761,000		$2,761,000		$4,931,000

INVESTMENT_IN_MARKETABLE_SECUR3

INVESTMENT IN MARKETABLE SECURITIES (Details 1) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Realized (loss) gain on marketable securities	($75,000)	$253,000	$25,000	$272,000
Unrealized loss on marketable securities	-336,000	-227,000	-1,975,000	54,000
Net (loss) gain on marketable securities	($411,000)	$26,000	($1,950,000)	$326,000

INVESTMENT_IN_MARKETABLE_SECUR4

INVESTMENT IN MARKETABLE SECURITIES (Details Textual) (USD $)	9 Months Ended	12 Months Ended
	Mar. 31, 2015	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	$1,923,000	$901,000

OTHER_INVESTMENTS_NET_Details

OTHER INVESTMENTS, NET (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014
Other Investment [Line Items]
Other investments, net	$7,948,000	$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	777,000	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	290,000	240,000
Warrants - at fair value [Member]
Other Investment [Line Items]
Other investments, net	$54,000	$118,000

OTHER_INVESTMENTS_NET_Details_

OTHER INVESTMENTS, NET (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015
Other Investment [Line Items]
Other than Temporary Impairment Losses, Investments	$248,000

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments - warrants	$54,000	$118,000
Investment in marketable securities	2,761,000	4,931,000
Assets, Fair Value Disclosure	2,815,000	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	2,761,000	4,931,000
Assets, Fair Value Disclosure	2,761,000	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	54,000	118,000
Investment in marketable securities	0	0
Assets, Fair Value Disclosure	54,000	118,000
Basic materials [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	1,194,000	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	1,194,000	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
Industrial goods [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	654,000
Industrial goods [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	654,000
Technology and telecommunications [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities		479,000
Technology and telecommunications [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities		479,000
Technology and telecommunications [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities		0
Technology and telecommunications [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities		0
Energy [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	189,000
Energy [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	189,000
Energy [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	0
Energy [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	0
Financial services [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	398,000	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	398,000	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
Financial services [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities		0
REITs and real estate companies [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	137,000	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	137,000	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	189,000	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	189,000	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 $)	9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net gain	($248,000)	$0
Other Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	7,894,000		8,092,000
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	$7,894,000		$8,092,000

FAIR_VALUE_MEASUREMENTS_Detail2

FAIR VALUE MEASUREMENTS (Details Textual)	9 Months Ended
	Mar. 31, 2015
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		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014
Segment Reporting Information [Line Items]
Revenues	$14,141,000	$12,012,000	$43,332,000	$37,897,000
Segment operating expenses	-12,329,000	-10,970,000	-36,835,000	-38,813,000
Segment income (loss)	1,078,000	861,000	4,377,000	-2,774,000
Interest expense - mortgage	-1,938,000	-1,791,000	-5,951,000	-3,245,000
Hotel restructuring adjustment	0	-300,000	0	6,995,000
Interest expense - occupancy tax			0	-328,000
Loss on extinguishment of debt			0	-3,910,000
Loss on disposal of assets			-51,000	-1,092,000
Depreciation and amortization expense	-734,000	-481,000	-2,120,000	-1,858,000
Income(Loss) from investments	-810,000	-40,000	-2,364,000	264,000
Income tax benefit	503,000	332,000	1,232,000	2,593,000
Net income (loss)	-1,167,000	-638,000	-2,757,000	-8,492,000
Total assets	72,399,000	87,328,000	72,399,000	87,328,000	88,319,000
Hotel [Member]
Segment Reporting Information [Line Items]
Revenues	13,983,000	11,849,000	42,857,000	37,428,000
Segment operating expenses	-11,997,000	-10,620,000	-35,868,000	-37,724,000
Segment income (loss)	1,986,000	1,229,000	6,989,000	-296,000
Interest expense - mortgage	-1,913,000	-1,766,000	-5,876,000	-3,168,000
Hotel restructuring adjustment		300,000
Interest expense - occupancy tax				-328,000
Loss on extinguishment of debt				-3,910,000
Loss on disposal of assets			-51,000	-1,092,000
Depreciation and amortization expense	-719,000	-465,000	-2,074,000	-1,811,000
Income(Loss) from investments	0	0	0	0
Income tax benefit	0	0	0	0
Net income (loss)	-646,000	-702,000	-1,012,000	-10,605,000
Total assets	48,175,000	44,002,000	48,175,000	44,002,000
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Revenues	158,000	163,000	475,000	469,000
Segment operating expenses	-92,000	-89,000	-219,000	-331,000
Segment income (loss)	66,000	74,000	256,000	138,000
Interest expense - mortgage	-25,000	-25,000	-75,000	-77,000
Hotel restructuring adjustment		0
Interest expense - occupancy tax				0
Loss on extinguishment of debt				0
Loss on disposal of assets			0	0
Depreciation and amortization expense	-15,000	-16,000	-46,000	-47,000
Income(Loss) from investments	0	0	0	0
Income tax benefit	0	0	0	0
Net income (loss)	26,000	33,000	135,000	14,000
Total assets	4,934,000	4,996,000	4,934,000	4,996,000
Investment Transactions [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Segment operating expenses	0	0	0	0
Segment income (loss)	0	0	0	0
Interest expense - mortgage	0	0	0	0
Hotel restructuring adjustment		0
Interest expense - occupancy tax				0
Loss on extinguishment of debt				0
Loss on disposal of assets			0	0
Depreciation and amortization expense	0	0	0	0
Income(Loss) from investments	-810,000	-40,000	-2,364,000	264,000
Income tax benefit	0	0	0	0
Net income (loss)	-810,000	-40,000	-2,364,000	264,000
Total assets	10,709,000	12,753,000	10,709,000	12,753,000
Other [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Segment operating expenses	-240,000	-261,000	-748,000	-758,000
Segment income (loss)	-240,000	-261,000	-748,000	-758,000
Interest expense - mortgage	0	0	0	0
Hotel restructuring adjustment		0
Interest expense - occupancy tax				0
Loss on extinguishment of debt				0
Loss on disposal of assets			0	0
Depreciation and amortization expense	0	0	0	0
Income(Loss) from investments	0	0	0	0
Income tax benefit	503,000	332,000	1,232,000	2,593,000
Net income (loss)	263,000	71,000	484,000	1,835,000
Total assets	$8,581,000	$25,577,000	$8,581,000	$25,577,000

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Textual) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014	Jul. 02, 2014
Related Party Transaction [Line Items]
Management Fees Revenue, Total	$138,000	$113,000	$419,000	$333,000
Costs and Expenses, Related Party	36,000	108,000
Management Fee Expense					1,550,000
Management Fee Payable	1,250,000		1,250,000
Intergroup [Member]
Related Party Transaction [Line Items]
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