Malibu City Council has submitted a bid to purchase the 40,000 square foot Malibu Performing Arts Center located on Stuart Ranch Road. However! Not to keep it as a performing arts center but as part of its quest for a permanent city hall.
The council submitted a $15 million bid for the building which will be auctioned June 15 as part of bankruptcy proceedings by property owner Vineyard Christian Fellowship of Malibu. The property is valued at $27.6 million, according to a January 2008 appraisal, so if successful, the city is getting a bargain!
The building, according to a Malibu Times interview in 2001, was purchased by Vineyard Christian Fellowship of Malibu 10 years ago for $7.25 million and is now a fiber optic office unit with recording and sound systems, a 500 seat theater and dance studios. Included with the sale of the property are the fellowship’s assets, which includes all the high-tech recording equipment.
All exciting stuff for Malibu. We will all keep a close eye on this sale.
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If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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