The Beverly Hills Fine Arts Theater, which opened in 1937 and is own by Indian conglomerate Spice Global, has been put up for sale for $4 million.
The 6,862-square-foot historic movie house was bought by Spice Global in 2010 and has been closed ever since. Headquartered in Singapore, Spice Global initially intended to convert the 430-seat, single-screen theater into a triplex art house that would show Bollywood films, however the project did not recive a formal approval from the Beverly Hills City Council.
Brian Dunne, who has the listing, said, “Right now they are saying, ‘We would be open to selling the property or to finding a joint venture [partner] to keep the movie operation going.’ They want to support this theater and keep it going – that’s why for the right joint venture partner, they would work for them. Everybody who loves films wants to keep it open.”
The Beverly Hills Fine Arts Theater is located on the south side of Wilshire and just west of La Cienega Boulevard.
Source: Hollywood Reporter