This story is free to read because readers choose to support LAist. If you find value in independent local reporting, make a donation to power our newsroom today.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
IRS Unloads Rap Relic
If reports from Defamer.com's Hollywood Privacy Watch (TM) are true, Suge Knight may have been strutting around Koi like he owned the room on Thursday night, but come next Wednesday he'll be minus one asset when the IRS sells the Beverly Hills headquarters of Death Row Records, a rap label Knight founded before heading off to prison for parole violations in 1996.The Los Angeles Business Journal gives us the scoop:
The building at the southwest corner of San Vicente and Wilshire boulevards - with prominent rooftop billboards and cell tower rakes in $150,000 annually - is slated to be sold at a Jan. 12 auction. The IRS is seeking $6.5 million for the four-story, 30,000-square-foot office building at 8200 Wilshire Blvd. to recoup unpaid taxes and interest. Still, prospective buyers would have to assume a $4 million note already on the building, bringing the total cost to $10.5 million – $3 million more than the property is worth, sources said.
“I was chasing it for a while but it’s too hairy,” said one prospective buyer. “You would have to negotiate with the IRS first and then hope to cut a deal with the lender.”
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
