Magic Castle For Sale... Make That SOLD!
According to a thread that appeared on the
Genii Magazine Forums today, the land on which the
Magic Castle resides has been sold. As discussed on
previous podcasts and here in the
Magic Newswire blog, the property has been on the market since 2007 with an estimated asking price of $70 Million. All indications have been that the contract for purphase would have terms to insure the long term survival of the Magic Castle as a home to the
Academy of Magical arts and the Castle as a private club and
hotel will survive the sale. While in LA for the Magic Castle Awards banquet, Richard Kaufman, the publisher of Genii, responded to inquiries in the forum with confirmation of the sale saying, "the word is, indeed, that the land and Magic Castle have been sold for $70 million dollars. I have also heard that the Castle will and the AMA will stay."As previously
posted here, the Magic Castle itself was protected as a Los Angeles Historic-Cultural Monument since 1989. Efforts are underway to see that Yamashiro's Restaurant received similar protection.
Article originally appeared on The Magic Newswire (http://www.linkingpage.com/).
See website for complete article licensing information.