‘Grauman’s Chinese Theatre’ Closes Sale on May 20th

by on April 30, 2011

in Entertainment

Grauman's Chinese Theatre in Hollywood CAYep, you read that right…  the Hollywood landmark known as the Grauman’s Chinese Theatre has been for sale for a while and has finally been purchased, with the sale scheduled to close on May 20th, 2011.

Sold!

Warner Bros. and Viacom Inc. put the establishment up for sale and some folks are nervous about who ponied up with the cash:  nightclub operator-turned-film producer Elie Samaha and producer Don Kushner.

In buying the property,  the new owners are taking over the long-term lease that includes the neighboring Mann Chinese 6 Theatre.

People are nervous about this transaction because the soon-to-be new owners are “exploring” ways to monetize or take advantage of this real estate transaction.  Opportunities could include advertising ops, promotions and other kinds of special events.

The facility is already used for movie premieres, but believe it or not, the landmark is use for only that, premieres.

One of the fears of folks is that the new owners could turn the landmark into a bar, or a nightclub to be more specific.  They’ve already developed a track record for doing this with two previous theaters in the area.  Graumans’ Chinese Theatre is protected to some extent, via its placement in the historic landmark registries, but that protection can only go so far.

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It would be a travesty if they took this landmark and change it into a nightclub.  It’s been where it’s at since 1927, serving its purpose as a focus for the fans to look to for movie premieres.  Changing it to a nightclub would cheapen its entire legacy.

But then again, one of the owners already has a fascinating history in the film industry and if they did this, I probably would not be shocked.

We’ll see how they end up monetizing the property.  They obviously have ideas and those ideas are what motivated their purchase of the facility.  (Note:  They’re buying the facility on top of the land and not the land itself.  Hence why they’re taking over the long-term lease.)

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See the THR link below for more details on the buyers if you’re curious.

Director Edgar Wright ‘s tweet (Twitter acct) sparked my finding this piece.  Info: THR;  photo via Flickr/Eric Castro. :

{ 5 comments… read them below or add one }

Bruce Simmons May 4, 2011 at 9:10 pm

Ah… I see Paul. Yea… what Matt said!!! LOL… THANK GOD I’m a polite kind of guy!!! Sorry Matt.

Paul May 4, 2011 at 8:31 pm

I think Matt was talking to me.. the movie Paul about two english guys who find an Alien..Being a brit living in Utah it sounds a bit too much like my daily life..

I am guessing they do not make enough from running the place as a movie house or companies would keep doing it..

Bruce Simmons May 4, 2011 at 8:00 pm

Matt, I didn’t indicate that premieres were the only things that happened there. Thanks for chiming in though.

Matt May 4, 2011 at 5:21 pm

The theater is not just used for premieres. A google search would have shown you that they run several shows a day, with PAUL currently playing there.

Paul April 30, 2011 at 12:21 pm

While it may seem crass, they have to do something to make that money back. No company is going to put millions into a property with no real income stream. I can not believe they make that much from premieres.

Maybe a huge planet hollywood style restaurant in there would work?

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