The new Grauman's Chinese Theatre owners--Steve Markoff, Donald Kushner, and Elie Samaha (along with investor Gidi Cohen)--have picked up another, rather more obscure Old Hollywood property, the Two Bunch Palms Resort & Spa in Desert Hot Springs. The Hollywood Reporter reports the group paid "less than $10 million for the property." Two Bunch is most well-known for its pivotal role in The Player, but has long been a favorite of the LA film set (which is how it ended up in The Player), and was allegedly built as Al Capone's West Coast hideout. A press release on the sale says that "The new owners will immediately begin a multi-million dollar renovation on the property," and plan eventually to add 3,000 square foot villas, senior housing, and a private post-op surgery rehab (we assume that would be mostly for cosmetic procedures). They are working on a partnership with a new spa operator and hope to "reinvent" the spa's Casino Dining Room. Two Bunch currently has 52 bungalows, "most graced with private backyards or patios," along with a grotto with two hot springs pools and mud baths. The new owners also plan to sell a line of spa products and beverages with the Two Bunch name.
According to THR, the new owners bought the resort "from several banks that had foreclosed on it" in 2010. The last owner had hoped to turn the property into a residential subdivision.
Two Bunch was built in the 1920s, supposedly by Capone, and his personal bungalow there "is believed to feature not only bullet holes, but also underground escape tunnels and a sentry tower for armed bodyguards," according to the press release.
· 'The Player' Hideaway Two Bunch Palms Resort Sold to Hollywood Producers (Exclusive) [Hollywood Reporter]
· Dry in the Desert: Two Bunch Palms Goes to Receiver [Curbed LA]