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from www.laobserved.com – Buyer is Santa Monica-based Douglas Emmett Inc., reports the Business Journal – one of the larger L.A. office deals over the past year. Flynt bought the Wilshire Boulevard property almost 20 years ago for $18.8 million, so we’re talking about a nice return.
Larry Flynt Publications, which owns Hustler and other titles, will lease out space in the building, which was built in 1972 for Great Western Savings. The deal is expected to close by summer.
“I can take this and put it toward buying another casino or another operation that would fit with my broadcasting entities,” Flynt tells THR. By the way, Hustler magazine is a shell of its former self, with a circulation of about 150,000 from a peak of 3 million (he says it brings in $3 million a year).