Hollywood Palladium is up for sale

The landmark venue on Sunset Boulevard, along with its 90,000-square-foot parking lot, are being listed by an unidentified investment group, reports THR, and the property is being marketed as a development opportunity. That's code for hotel or office tower potential. From the Reporter:

Given the Palladium's iconic nature, if a development were to move forward, the theater is not expected to be demolished, though it is not protected by any historic designation. The Palladium received a thorough renovation after it was purchased by Commonfund Realty Investors and Newport Capital Advisors for $68 million in 2007. The Streamline Moderne theater reopened in October 2008 with a concert by Jay-Z.

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The Palladium, which has a capacity of 3,900 people, was built for $1.6 million in 1940 by Los Angeles Times publisher Norman Chandler. In the 1960s, both President John F. Kennedy and Martin Luther King spoke there; it has also hosted the Emmy Awards and Grammy Awards, was long the home of the Lawrence Welk Show and was known as venue for dancing and live music.

Real estate sources say that the Palladium, which is leased by concert company Live Nation, could fetch around $60 million.