With CitiBank looking to recover loses from the loans made to major record label, Capitol/EMI, it seems a Hollywood landmark may be sold for scrap.
April 1st, 2011, Los Angeles.
In a surprise move yesterday CitiBank, who is in receivership of EMI/Capitol Records, after its parent company Terra Firma defaulted on their loans earlier this year, put the Hollywood landmark, known as the Capitol Records Building up for sale.
The iconic structure, famous for its resemblance to a stack of old-fashioned vinyl records, is where groups like the Beatles signed their first US recording contracts. According to sources, the building will now be remodeled into condos and sold to the highest bidder.
Employees were greeted this morning by security guards and told to vacate within ten days. One VP, who would not give his name said, “They told me I was going to be a star in the company's galaxy someday. I feel betrayed."
Los Angeles real estate developer, Anslem O'Neal, told the LA Times that the city has granted him a variance to convert the 13 story tower, currently zoned for commercial use, into 37 luxury residents and two penthouses.
O'Neal made several comments about the building's renovation, mainly his commitment to make the transition a “green" one, “We plan to reuse and salvage every piece of the original Capitol Records building and re-purpose items for its new tenants."
O'Neal elaborated:
Units will start at $950,000 for a 700 square-foot two bedroom. Cramped by Los Angeles standards.
A preservation group fighting the conversion, told reporters, “Hollywood already has enough small apartments with musicians. They're called homeless shelters."
What do you think would be a good use of Capitol Records Building materials? Give an opinion.
BTW, April Fools.
April 1st, 2011, Los Angeles.
In a surprise move yesterday CitiBank, who is in receivership of EMI/Capitol Records, after its parent company Terra Firma defaulted on their loans earlier this year, put the Hollywood landmark, known as the Capitol Records Building up for sale.
The iconic structure, famous for its resemblance to a stack of old-fashioned vinyl records, is where groups like the Beatles signed their first US recording contracts. According to sources, the building will now be remodeled into condos and sold to the highest bidder.
Employees were greeted this morning by security guards and told to vacate within ten days. One VP, who would not give his name said, “They told me I was going to be a star in the company's galaxy someday. I feel betrayed."
Los Angeles real estate developer, Anslem O'Neal, told the LA Times that the city has granted him a variance to convert the 13 story tower, currently zoned for commercial use, into 37 luxury residents and two penthouses.
O'Neal made several comments about the building's renovation, mainly his commitment to make the transition a “green" one, “We plan to reuse and salvage every piece of the original Capitol Records building and re-purpose items for its new tenants."
O'Neal elaborated:
- Desks of A&R staff will be fashioned into actual built-in beds. “This," says O'Neal, “is to symbolize the tradition of how desks were actually used in the glory days of the music business."
- Recording contracts, salvaged from filing cabinets left in the abandoned offices will be treated just like they were during the heyday of the record industry— ground up and recycled as scrap paper.
- Toilets vomited in by top artists, like George Michael, R.E.M., and Radiohead when they were told they still owed EMI money even after several Platinum records, will be salvaged and placed in the EMI Installation in the building's lobby. New owners will have the opportunity to bid on the toilets for their personal bathrooms.
Units will start at $950,000 for a 700 square-foot two bedroom. Cramped by Los Angeles standards.
A preservation group fighting the conversion, told reporters, “Hollywood already has enough small apartments with musicians. They're called homeless shelters."
What do you think would be a good use of Capitol Records Building materials? Give an opinion.
BTW, April Fools.
