Report: Hollywood Palladium up for sale

June 2, 2012 at 1:55 PM
| License Photo

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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Malia Obama spotted on the set of 'Girls' in New York City
Are Nicolle Wallace and Rosie Perez leaving 'The View'?
Stephen Colbert hosts Michigan public-access show 'Only in Monroe'
Josh Hartnett's girlfriend Tamsin Egerton is pregnant
Reelz to air Miss Universe after NBC cuts ties with pageant owner Donald Trump