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Larry Flynt has sold the Beverly Hills headquarters of Hustler for $89 million, his management group said Wednesday.
The 10-story property, adorned with the name of his adult entertainment media empire, is located at 8484 Wilshire Boulevard. It was sold to real estate investment trust Douglas Emmett.
“I’m delighted to announce this transaction,” said Flynt in a news release. “I bought the building in 1994 for less than $19 million, so we’ve been able to unlock significant equity which we can now put to much better use in other ventures and achieve greater returns.”
Flynt also announced that he signed a lease for his company to remain a tenant in the building.
The mogul has been eyeing a sale of the headquarters for some time. In The Hollywood Reporter‘s March 8 issue cover story, Flynt stated that he could take proceeds from the building sale and “put it toward buying another casino or another operation that would fit with my broadcasting entities.”
In addition to the Hustler media company, the building also houses the consulates for Brazil and Ecuador.
The 225,000 square foot building was built in 1972 and originally housed The Great Western Savings Bank. With the purchase of the Hustler building, Douglas Emmett owns or operates eight office properties in Beverly Hills, the company noted in a release.
When contacted by THR, Douglas Emmett did not offer any additional comment on the acquisition.
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