BEVERLY HILLS, Calif. — Larry Flynt has sold his Beverly Hills office building where LFP Inc. headquarters are located for $82 million.
The buyer for the 208,000-square-foot building located at the intersection of Wilshire and La Cienega boulevards is Santa Monica-based Douglas Emmett Inc.
LFP will lease out space in the building, but it wasn't disclosed whether the 40-year-old building, brown and oval-shaped, will continue to be crowned by “Flynt Productions” lettering on the roof.
The property includes an oversized bronze statue of actor John Wayne riding a horse, a carryover from the building's days when it housed a Great Western Savings branch.
The deal is expected to close by summer.
Flynt has owned the 10-story tower, known simply as the Flynt Building, for the past 28 years. He purchased the property for $18.8 million.
Last month, LFP spokesman Arthur Sando told XBIZ that the property is a "valuable asset whose equity we believe could be used more productively in other areas."
Douglas Emmett owns about 14.7 million square feet of office space and 2,868 luxury apartment units in Los Angeles County and Honolulu. The real estate company has acquired a substantial majority of its portfolio through nine institutional funds.