Downtown LA Carwash Owner Paid $525k In 1980, Sells For $25M - Fox 2 News Headlines

Downtown LA Carwash Owner Paid $525k In 1980, Sells For $25M

Posted: Updated:

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 (http://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.

Powered by WorldNow

WJBK-TV | Fox 2
16550 West Nine Mile Rd.
Southfield, MI 48075

Main Station: (248) 557-2000
Newsroom: (248) 552-5103

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices