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Purchase price is about $68 million, according to the Business Journal. The buyer, as earlier reported, is OC-based Newport Capital Advisors, which apparently held up the sale until a 20-year lease agreement was cut with Live Nation to manage and restore the famous venue. What undoubtedly makes the deal pencil out for Newport Capital is the adjacent 3-4 acres that will be developed into the usual mix of housing-office-retail-hotel. Sounds like Newport wants to get started soonest.
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Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.