Amoeba Records has sold its property on Sunset Boulevard in Hollywood, it was revealed in a Sept 12 report in LAist.com. "Now, it looks like GPI Companies, a real estate group, could be planning to raze the famous building, 'pave' vinyl paradise, and put up a 20-something story tower monstrosity, complete with a massive rooftop pool," said the report. Apparently, the sale took place in October last year. The owner of Amoeba Records got US$34 million in return. But the lease still has several years to run and Amoeba Music said, "We're going to remain in our building for the duration of our lease... and Amoeba and the (new) building owner are open to us potentially staying longer." Record collectors in Los Angeles are not too sure.
ROCKMAN