LOS ANGELES (AP) - The owner of a downtown Los Angeles carwash has cleaned up, selling the property for a reported $25 million.
The Los Angeles Times said Thursday (https://lat.ms/1mI1J6J) that a local developer bought the 36,000-square-foot lot - one of the most sought-after real estate parcels in the area near the LA Live entertainment complex. A high-rise hotel is planned for the site.
The exact price was not disclosed, but owner Robert Bush was asking $25 million for the property that holds the carwash, two restaurants and a ticket-selling business. Experts familiar with the downtown market tell the Times he came close to getting his asking price.
Bush paid $525,000 for the land in 1980.
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Information from: Los Angeles Times, https://www.latimes.com
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