Arguably one of the most recognizable buildings in Hollywood, the Yamashiro restaurant sits perched on seven hilly acres that, along with the 1914 building and a few other structures, were recently sold to a Chinese company called JE Group for $40 million. The firm's purchase of the property—which had been owned by members the same family for decades—was met with a sigh of relief, as JE Group is known for rehabilitating historic properties, and said they wanted to make only minimal changes to the property.
Even then, though, one of the changes that was on the table was the possibility that a new operator could be brought in, taking over the Yamashiro restaurant and booting out the operators; the principal owner of the restaurant is Thomas Y. Glover, a member of the family that has owned the property since 1948 and one of the few who did not want to sell. Now, says the LA Times, that's exactly what's happening: Yamashiro might be losing its long-time operators.
Glover tells the Times that JE Group raised the rent to $100,000 a month, "three to four times" the rent they now pay.
Apparently, JE told Glover that another unnamed operator had stepped up, ready to pay $100k a month to lease the restaurant building. Glover estimated that in order to make that, prices at the restaurant would have to double.
The restaurant is planning to stay open until they're forced to leave. An April 28 hearing will determine a date for the eviction lawsuit.
Yamashiro dates back to 1914, when it was built for a pair of brothers who were looking for a fantastic way to display their immense Asian art and artifacts collection. The property was purchased in 1948 by Thomas O. Glover, and his family owned it until the sale last month to JE Group.
- Yamashiro may get booted from its Hollywood Hills building for something more upscale [LAT]
- Yamashiro: A Feudal Fortress in the Hollywood Hills [KCET]
- Hollywood's Famed Yamashiro Site Has Sold For $40 Million [Curbed LA]
- Deep Inside Hollywood's Yamashiro With the Owners Who Are Being Forced to Sell [Curbed LA]
- Breaking: Yamashiro's Seven-Acre Hollywood Spread For Sale [Curbed LA]