The holding company, ordered to operate the Southern Pacific at arm's length until it sold it, disposed of it on October 13, 1988 to Rio Grande Industries for $1.02 billion and the assumption of SP's debt, which consolidated the SP with its Denver & Rio Grande Western railroad under the Southern Pacific name. The holding company retained all the non-rail interests of both predecessors and shortened its name to Santa Fe Pacific Corporation. All of the California real estate holdings were consolidated in a new company, Catellus Development Corporation, becoming the State's largest private land owner. Catellus subsequently purchased the Union Pacific Railroad's interest in the Los Angeles Union Passenger Terminal.