96-YEAR-OLD CULVER STUDIOS HAS BEEN SOLD

The legendary Culver Studios, where such films as King Kong, Citizen Kane, A Star Is Born, Gone with the Wind , E.T. and Argo were filmed, and which became the TV home of The Untouchables, The Andy Griffith Show, Baywatch, and Arrested Development, has been sold for $85 million, the Los Angeles Times reported today (Wednesday). It currently houses ABC’s Cougar Town and Marvel’s Agents of S.H.I.E.L.D. The new owner will be Hackman Capital Partners, a Los Angeles real estate investment firm, the Times said, citing two sources familiar with the matter. While the studio has fallen into hard times in recent years, principally due to runaway production, the owners intend to continue to keep it operating, according to an investment summary obtained by The Times. However, they said, they plan to “add significant value to the property by implementing a redevelopment plan that will add approximately 330,000 square feet of new creative office space.”