Ralph E. Reins and Victoria L. Reins sold the two-bedroom, two-bath condo Unit #503 at 801 Ocean Ave. in Santa Monica to Albert Can and Zahra Can for $1.54 million on March 10.

The Reins paid $1.695 million for the property in July 2006.

There are 32 units in the six-story building at 801 Ocean Ave., which is also known as The Pacifican. The condo development is in the Wilshire Montana neighborhood.

Mr. Reins has been a member of the board of directors for Michigan-based Rofin-Sinar Technologies since 1996. He's also served as the CEO of Qualitor, Inc., and as president and CEO of the Eouslynvirotest Systems Corp.

He is also the former CEO and president of Mack Truck.

Sales at The Pacifican dropped 100 percent from 2006-2007. The median sales price also dropped 100 percent during that same time period.

There were 304 condo sales in Santa Monica in 2008, with a median sales price of $641,500.

Address: 801 Ocean Avenue, Unit: NO 503
Buyer(s): Albert Can and Zahra Can
Seller(s): Ralph and Reins Victoria Reins (Family Trust), Ralph E Reins (Trustee) (Trustee) and Victoria L Reins
Sale date: Mar. 10, 2009