Sale of Subdivided Flynt Building Gets Hustled Away

By DAVID GREENBERG

Staff Reporter

Equity Management Group has dropped plans to buy Hustler magazine publisher Larry Flynt’s Beverly Hills office building for $60 million and transform it into a mixed-use property.

The Beverly Hills development company originally planned to convert the first six floors of the 10-story 8484 Wilshire Blvd. building into condominiums, with Flynt’s LFP Inc. occupying the top four floors for its group of two dozen magazines.

“What was on the table is now off,” said Ron Stover, who along with actor Joe Penny is a partner in Equity Management. “The deal has been transferred to another group. It’s kind of in limbo right now.”

Flynt paid $18.5 million for the property in 1984.

Tom Candy, Flynt’s chief financial officer, refused to discuss the matter.

Flynt does appear to be moving forward with plans to turn the property into a mixed-use project. Late last year the Beverly Hills Planning Commission approved a subdivision of the building into three parts: the ground floor and basement parking area, floors 1-6, and floors 7-10.

Flynt did not return calls seeking comment, but he told the Business Journal last year that he had scaled back operations in Beverly Hills after leasing warehouse and studio space in the San Fernando Valley.

City planners said they have not received architectural drawings and construction documents, which the commission and City Council would need to approve before the construction began.

The Planning Commission and City Council are expected to vote this summer on the codes that would allow mixed-use development in parts of the city.

“We’re trying to promote sustainable development that brings housing close to work and general commercial areas,” said Mahdi Aluzri, the city’s community development director. “The basic concept is to reduce the number of traffic trips.”

The deal with Equity was contingent upon the project getting final approval from the city by July.

“Right now we don’t have a mixed-use ordinance,” said Aluzri. “Regardless of what type of business (Flynt) does, to us it’s just a general office use.”