The California Senate rejected legislation Thursday that would require the state to sell the site of the historic Los Angeles Memorial Coliseum and adjoining Los Angeles Sports Arena. The bill's author, Sen. Jeff Denham, R-Merced, said the stadium is "falling apart" and that selling the land would generate as much as $400 million to help ease the state's budget crunch. California is facing a $15.2 billion deficit. "All I'm asking right now is that we take a look at this property as well as many other properties in the state and evaluate whether they're surplus and whether they bring in good tax revenue," Denham said.