Film Academy To Sell Museum Land -- To Build Museum Elsewhere
The seemingly unending endeavor to build a major museum dedicated to the film industry in Hollywood. took a new turn today (Tuesday) with a report by the Hollywood Reporter that the Academy of Motion Picture Arts and Sciences is close to selling the property that it once intended to use as the museum site and apply the proceeds to the funds set aside for the refurbishment of a former department store where it now intends to install the museum. The trade publication said that the Academy has identified a strong suitor for the property. The Academy acquired the property in 2005 for $50 million and watched its value sink in recent years during the real-estate recession. It reportedly now believes that it has returned to its original value and may even exceed that. It is looking to raise $300 million for the museum. (A commercial Hollywood Museum, intended for tourists, featuring miscellaneous Hollywood props, costumes and photos, operates in the old Max Factor makeup company offices on Highland Ave.).