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 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.