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One of Hollywood's oldest independent lots will be going on the block later this week, reports the Financial Times. A group of investors bought the facility from Sony in 2004 for $125 million, but it got caught up in the financial crisis when it tried to sell in 2008. This time, they're looking for more than $150 million. CB Richard Ellis is expected to handle the sale.
Built in 1918 by Thomas Ince, the silent movie pioneer, the studios have been owned by Cecil B. DeMille, RKO's Joseph Kennedy and Howard Hughes. Their 13 sound stages have been home to epics including "King Kong," "Rebecca" and "Citizen Kane"; more recent films including "State of Play"; and television series from "Lassie" to "America's Next Top Model."
The sellers hope to attract a really rich investor with money to burn. "It's like when [the Sultan of Brunei] bought the Beverly Hills Hotel [in 1987], said Jamie Cella, the studio's chief executive. "It made no sense financially, but he was right and I was wrong. Over time, the value has increased."
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.