The AP reports that 32 of the 224 Ritz-Carlton Residences at LA Live have sold. The condos (and the adjoining JW Marriott Hotel) were developed by AEG, the group behind LA Live and the proposed Farmers Field NFL stadium, and the first units at the tower closed in February. Who was the very first buyer at the Ritz? AEG's parent company Anschutz Corporation. Who was the second buyer? AEG president Tim Leiweke. And: "Other units have gone to AEG's vice president for real estate, Ted Tanner, to its chief legal officer, Ted Fikre, and to a corporation that lists AEG chief operating and financial officer Dan Beckerman as its agent for service. Loans from AEG itself helped finance the latter two sales, county records show." A spokesman tells the AP that the execs thought the condos were good investments, and that sales have admittedly been slower-than-hoped-for: "we thought we'd be sold out by now." On the negative side, the troubles have led to contractors filing liens for unpaid work on the building; but on the positive side, AEG's been able to buy out its partner to become the Ritz's sole owner, which could benefit the company long-term. And not all of the condo building's buyers are AEG-related--the most recent unit sold went to Entertainment Tonight host Mary Hart and her producer husband. Price now range from $850,000 to $9.3 million.
· Stadium plan could aid AEG's condos [AP]
· Touring Downtown's Ritz-Carlton, Learning About Glass Curtain Walls [Curbed LA]
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