Jul 6, 2007 10:59 am US/Pacific
Magic Castle, Yamashiro Consider Offers To Sell
HOLLYWOOD, Calif. (CBS) ―
-
-
The terms of any sale will stipulate that Yamashiro and the Magic Castle, a private club for magicians, continue to operate as they have for decades, the properties' manager told The Times.
CBS
Two Hollywood landmarks, the Magic Castle and Yamashiro restaurant, are poised to be sold amid a sizzling pace of development in a once-gritty neighborhood, it was reported Friday.
The family that has owned the properties since shortly after World War II has been flooded with offers from developers who want to add structures to the 10-acre site, which is just above Grauman's Chinese Theatre, Hollywood & Highland and other attractions, the Los Angeles Times reported.
The terms of any sale will stipulate that Yamashiro and the Magic Castle, a private club for magicians, continue to operate as they have for decades, the properties' manager told The Times.
Also on the 10 acres are the less recognizable Magic Castle Hotel, Hollywood Hills Hotel & Apartments and Magic Castle Park apartments, which could be redeveloped by the buyer.
The owners are 11 descendants of mid-century landlord Thomas O. Glover, who bought Yamashiro for $150,000 in 1948. They're ready to give up day-to-day control, Andy Ulloa, Glover's stepgrandson, told The Times. The key vote was cast by Ulloa's stepfather, Glover's son, Thomas Y. Glover, who has helped run the complex for about 50 years.
With Hollywood in the midst of a building boom, the property is highly sought after and bids have surpassed $70 million, people familiar with the situation told The Times.
A mostly undeveloped site with panoramic views "is unheard of in the Hollywood Hills," broker Marc Renard of Cushman & Wakefield, who represents the Glover family, told the newspaper. "We see phenomenal interest in this site."
(© 2007 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
VIDEO: Watch The Latest News
SLIDESHOWS: View The Day's Top Photos
Click to enlarge
Stumble It!
