A legal decision will finally be announced later this year in regards to the ownership of the 10-acre landmass that encompasses the Yamashiro restaurant and the Magic Castle in Hollywood. Current owners, family members of original buyer Thomas O. Glover who have owned the property for more than half a century, are enduring a lawsuit filed against them three years ago by hotel magnate Sean MacPherson.
According to Curbed LA, back in 2008 it was announced to the public that the family was accepting offers for the widespread property. It was stipulated from the beginning that the Yamashiro restaurant and Magic Castle must remain open and operational, leaving a limited amount of space for development. Yet, numerous offers piled in regardless of the fact that the total amount of square footage left over for construction would be limited. When the news hit MacPherson, he landed a $55 million deal to buy the site that summer. His plans included restoration of some of the surrounding properties and the possible addition of a hotel near Yamashiro. However, when six months passed and there was still no close on the deal, MacPherson sued the family.
This being MacPherson’s first time ever suing anyone, he tells Curbed LA that his only intentions are to finish the deal. The rising hill of property off Franklin Avenue is certainly one to fight over and the 14 family members recognize that. They mention their hopes for whoever takes over the spread to build on it to its fullest potential and believe MacPherson doesn’t have the means for closing the sale.
Curbed LA mentions two separate reasons for the deal falling through: either MacPherson was unable to provide the necessary funds or son of the original Glover, Thomas Y. Glover, decided against it and backed out of the deal.
MacPherson’s attorney states that a hearing for the case will be held in about six months.
Source Curbed LA
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