Palladium about to be sold?

That's what the L.A. Independent is reporting. The buyer, according to an unnamed source, is Newport Capital Advisors, the developer of a planned 87-unit residential project in Hollywood. The property is expected to close escrow in the next week, according to attorney Jerold Neuman, who represents the prospective owner. Last week came word that Live Nation had signed a 20-year lease to operate the concert hall, but there's still the matter of the 4-acre property surrounding the Palladium. Neuman told the paper that some sort of mixed-use plan is a possibility.