September 28, 2011

Culver Studios on the block this week (FT, LAT)

By Nancy Tartaglione-Moore

The Culver Studios are to go on sale this week with CB Richard Ellis expected to be announced as property agent for the sale, according to reports.

The current owners, Pacific Coast Capital Partners, a Lehman Brothers remnant and New York investor Ron Pickett, are looking to fetch offers of at least $150 million for the iconic studios where "Citizen Kane" was filmed and where Atlanta once burned in "Gone With the Wind."

One of Hollywood's oldest independent lots, the studios have previously been owned by Cecil B. DeMille, David O. Selznick, Joseph Kennedy, Howard Hughes, Lucille Ball and Desi Arnaz, Grant Tinker and Sony, according to The Los Angeles Times.

Culver president Jamie Cella told The Financial Times: "This is an iconic trophy. I've always felt I was a steward of history because it's been owned by all the kings of Hollywood."

A previous attempt was made to sell the 14-acre property in 2008, but a deal fell victim to the financial crisis.

Cella further told The FT: "The interest in 2008 came from entertainment entities and some real estate opportunity funds, but now we see the market being driven by more international players."

Broker Kevin Shannon told The FT he expected "entertainment moguls and high net worth people" to show interest.

The LAT opines "Top bids may come from a Hollywood mogul who wants his own studio or someone with a burning desire to become a Hollywood player - and perhaps rename it for himself."