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Hollywood's Historic 'El Capitan' Theatre For Sale

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Sep 17, 2008 8:56 am US/Pacific

Hollywood's Historic 'El Capitan' Theatre For Sale

HOLLYWOOD The historic El Capitan Theatre on Hollywood Boulevard, where "Citizen Kane" had its world premiere, is for sale, it was reported today.

The $31 million price tag includes the six-story 1920's office building into which the theater is built, the Los Angeles Times reported.

Walt Disney Co. will remain the long-term tenant at the theater, which the studio renovated in the early 1990's and has used to showcase many of its recent children's movies, with actors dressed as Disney characters cavorting onstage.

The building also houses several entertainment industry tenants, including the studio and offices of "Jimmy Kimmel Live."

"The El Capitan has a bright history in the entertainment industry and we really want to find a buyer who will maintain its entertainment legacy for a
long time," Rick Uhlmann, a spokesman for owner CUNA Mutual Group, told The Times.

The Madison, Wis.- based financial services company came into possession of the property after the 1994 Northridge earthquake.

Its then-owners walked away and left CUNA Mutual holding title and facing some hard decisions, according to The Times.
 
The quake's force had compromised the building's frame and emergency sprinklers flooded the interior. Public safety inspectors deemed it uninhabitable.

With Disney remaining as a tenant, CUNA Mutual spent almost $10 million bringing the structure up to safety codes, while also restoring the commercial space upstairs from the theater.

The rebirth of Hollywood that followed the 2001 opening of Hollywood &
Highland brought businesses back to the area, and today the El Capitan offices are fully leased, according to The Times.

(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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