Keeping The Palladium

Negotiations to sell the Hollywood Palladium to a developer have ended, and the 4,000-capacity Los Angeles venue will stay as is, according to the owners.

“The Hollywood Palladium is here and it’s open for business. We couldn’t comment on reports of a sale before now, so today we want to set the record straight by announcing that the Palladium has not been sold,” said Larry Worchell, chairman of the private partnership that owns the building. “Yes, we were in negotiations to sell the venue, but that deal was not viable and it is over.”

In July, real estate firm Combined Properties offered to purchase the 66-year-old property for an estimated $65 million, according to the Los Angeles Times. The firm intended to develop the Palladium’s large parking lot for possible residences, stores and a hotel, but the future of the building was unclear.

“We are going to try our hardest to save the Palladium and restore it,” Combined Properties’ Marianne Lowenthal told the paper.

The firm reportedly had the building in escrow and expected to have the title by the end of summer. Instead, the venue is preparing to host Wolfmother and two evenings of Yeah Yeah Yeahs.

“We are looking forward to continuing to book premier events, concerts, fund-raisers and production shoots at The Palladium and there are currently over 60 bookings through the end of 2006,” Worchell said.

The Los Angeles Conservancy was reportedly ready to fight for the venue.