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The Hollywood Palladium is for sale

June 5, 2012 |  5:00 am

The Hollywood Palladium on opening night: Sept. 23, 1940.

Got $60 million and a strong desire for vintage Hollywood burning a hole in your wallet? For around that price, you could own the Hollywood Palladium in an upcoming sale, the Hollywood Reporter says

The historic, Live Nation-leased concert venue was built by L.A. Times publisher Norman Chandler in 1940, and reopened in 2008 after an extensive 2007 remodel. It has hosted concerts from legendary acts including Frank Sinatra, U2, Tommy Dorsey and Jay-Z and remains a fixture of the L.A. live music scene.

The Reporter notes that the ownership group LSREF 2 Clover Property 4 LLC expects to list the property Monday, and estimates it could fetch in the area of $60 million.

If that seems a hair high for a three-and-a-half acre concert facility, that's because the 90,000-square-foot parking lot could also be prime real estate for future hotel development. While no interested buyer has come forward on the record, the Reporter suggests that a music-themed hotel like the Hard Rock might be a natural fit for the site.

Read the whole piece at their site.


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Photo: The Hollywood Palladium on opening night: Sept. 23, 1940. Photo credit Live Nation.