LOS ANGELES—The Los Angeles Business Journal reports that Larry Flynt has sold the landmark Wilshire Blvd. tower that has served as headquarters for his Larry Flynt Publications since 1984 to Santa Monica-based Douglas Emmett Inc. for the sum of $82 million.
Flynt purchased the building for $18.8 million, and has been talking of selling it for some time, with the goal, as he told The Hollywood Reporter in a just published profile, of putting the considerable profit he would reap from the sale "toward buying another casino or another operation that would fit with my broadcasting entities."
The deal with Douglas Emmett is expected to close by summer, after which LFP will remain in the building under a lease agreement with the buyer.
Originally built in 1972 for Great Western Savings, the building was immortalized in Milos Forman's 1996 biopic of Flynt, The People vs. Larry Flynt.