One of the world's premier spots for movie premieres is about to change hands. Final bids are in for the purchase of the property beneath Grauman's Chinese Theatre in the heart of Hollywood, the Wall Street Journal reports.
In true Tinseltown fashion, the deal holds allure but considerable risk.
Grauman's theater itself, which is one of Los Angeles's top tourist attractions because of the footprints and handprints of celebrities set in cement in the front courtyard, isn't part of the package. Not immediately, that is. The buyer will have to wait until 2023 for the theater's 99-year ground lease to expire. Then the historic landmark building -- and whatever profit potential remains in its single screen -- will pass to the owner of the land.
Read the full Wall Street Journal story .(subsription required)
For reprint and licensing requests for this article, CLICK HERE.