Friday, September 19, 2008

Art House Sale...


The famous "El Capitan Theatre" has gone up for sale...

Disney restored it to its former glory in the nineties and has hosted the premieres or debuts of many of it's films there over the past decade or more. It's really become an institution, a Disney tradition, actually. I've seen many a live show there and if you're ever in Southern California, a Disney Geek/Fan and a lover of film history you really should go and see this amazingly beautiful picture palace.

The price of a ticket is a lot less than those that will want to buy the theater($11-$22)...

$31 million dollars. That's a pretty penny from what it cost back in the late eighties to renovate it, but it does include the entire six-story building, and includes a host of tenants like "Jimmy Kimmel Live" and the premiere soda fountain in the country. Not to mention, it has a swanky little Disney Store too. Those buying the building will do so knowing that the Mouse will remain the long time occupant of the theater so Disney is not going anywhere in the future...

Just a small piece of Hollywood history passing hands. Whose hands? We're not so sure of that yet....

12 comments:

Anonymous said...

Has Disney shown any interest in purchasing this?

Anonymous said...

My thoughts too, anonymous. Why doesn't Disney just buy this?

Honor Hunter said...

The own it. They're selling it...

Anonymous said...

Are you sure? I was pretty sure Disney never actually owned it.

Honor Hunter said...

100% positive.

Disney owns and operates the El Capitan Theatre in Hollywood and the New Amsterdam Theater in New York. They helped fund the renovation of the Pantages, but do not own or run it...

Anonymous said...

Disney does not 100% own the building. Read the linked article in the LA Times.

Honor Hunter said...

I wasn't talking about the building, anonymous...

I was referring to the El Capitan. Disney does own it just as it does the New Amsterdam. They helped with the Pantages, but have no relationship and no ownership of the theater. This isn't my opinion, this is what the management of the El Capitan will tell you as they've told me...

Either way, it's being sold. And this is one of few places that people will be glad to to tell you has a mouse in it.

Justin said...

The article refers to Disney as being a long-term tenant of the building. That implies that Disney does not own the El Cap, but is simply renting out space. The article may be incorrect in its facts, or misrepresenting the facts, but that is what the article implies.

Anonymous said...

It's all the same building and Disney does not own it. They lease the space and renovated it for their use.

Bolomun Sundy said...

I've seen interviews with Scott Howard, the Special Events Coordinator for the El Capitan talk about the theater and he refers to the theater as being owned by Disney. So unless he's wrong, I believe Honor is right. The guy runs the place after all, he should know who owns it, right?

Anonymous said...

Why would they sell it, but still rent it; instead of keeping it, if they are going to use it? Doesn't seem like a wise financial choice. Would the ticket prices and Kimmel budget cover it anyway?
Still seems that they would benefit more from owning instead of renting??

Justin said...

The article states that it is owned by CUNA Mutual Group.