Report: Hollywood Palladium up for sale

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HOLLYWOOD, June 2 (UPI) -- The landmark Hollywood Palladium theater has been put up for sale and could fetch as much as $60 million, sources told The Hollywood Reporter.

The Palladium is being marketed as a redevelopment opportunity, however The Reporter said the theater's historic nature means it is unlikely be torn down by a new owner.

The venue opened in 1940 and has hosted a steady stream of major music acts starting with Frank Sinatra and Tommy Dorsey and continuing on through 21st Century headliners such as U2 and Jay-Z.

The Palladium also hosted rallies by President Kennedy and Martin Luther King in the 1960s and was the home of television's long-running "Lawrence Welk Show."

The Palladium sites on 3.5 acres on Sunset Boulevard and includes a 90,000-square-foot parking garage. An agent with the real estate firm that holds the listing told entertainment publication the theater would likely be part of a new hotel development, although there has been no official word on the identity of any potential buyers.