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Historic Culver Studios Sells For $85 Million: Future Uncertain

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The rich entertainment history of the independent Culver Studios began with Gone With The Wind and Citizen Kane, but more recently has included America's Next Top Model and Agents of S.H.I.E.L.D., so it's fair to say that the Studios are no strangers to change. Whether or not they'll have to is up in the air: they've just sold and there's rampant speculation both that they'll be turned into condos and completely left alone. A group of investors including Lehman Brothers Holdings Inc. bought Culver Studios back in 2004 from Sony for $125 million, and that group has had them on the market for years. Now a deal has been reached to sell to LA-based Hackman Capital for $85 million, reports the LA Times. (Deadline, which reported the sale first, says the number was closer to $80 million.) So what's next for the site?

There are two camps on what will happen to Culver Studios now: Deadline says that existing shows will be allowed to use the 13 onsite soundstages until the end of their leases, but after that, the whole place will be "shuttered for good" and there are rumors it'll all "be turned into either office space or condos after that." The LAT says that, according to investment plans, Hackman Capital plans on expanding what the Studios already do by "implementing a redevelopment plan that will add approximately 330,000 square feet of new creative office space and a 1,300 car parking structure." There's no official word yet, but wouldn't it be nice if this became a story of production staying in LA.
· Culver Studios said to be sold to Hackman Capital for $85 million [LAT]
· Historic Culver Studios To Shutter After Sale; Condos Next? [Deadline]
· Culver Studios For Sale--Past Tenants Include Rosebud, Tara [Curbed LA]