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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.”