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Hollywood Palladium Sold to Real Estate Developer

Crescent Heights will buy the property for $55 million.

The Hollywood Palladium has a buyer who is about to pay $55 million for the historic venue, reports Curbed L.A.

The buyer, Miami-based developer Crescent Heights, has residential and real estate property in South Beach, New York and Century City.

The venue will most likely continue to host shows in the near future as LiveNation has a lease until 2027.

In June, the iconic venue was being marketed as a development opportunity with the potential for a hotel that could be built on a 90,000-square-foot parking lot, according to The Hollywood Reporter.

Read more at Curbed L.A.

Scott Zwartz November 03, 2012 at 06:15 PM
This is interesting. Are these out-of-towners being fleeced by Garcetti & Company or are LA taxpayers being ripped off? More likely the latter. If you look at the way Garcetti, Eli Broad, Rick Riordan, and others are restructurig the City finances, the only thing they will be doing is giving tax dollars to corrupt developers.

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