An iconic gem of Hollywood is up for grabs! The renowned Dolby Theatre, nestled in the heart of Los Angeles and famous for playing host to the annual Academy Awards, is now on the market, as reported by Bloomberg.

Nestled within the bustling Ovation complex at Hollywood and Highland, the Dolby Theatre enjoys a prime location, drawing in throngs of tourists year-round, even when the glitz and glamour of the Oscars aren’t in full swing. With a seating capacity of 3,400, this theater is poised to fetch a staggering sum, potentially as high as $70 million, according to an insider source cited by Bloomberg.

What makes the Dolby Theatre all the more appealing is its long-term commitment to the Oscars, with a contract in place through 2028. It’s not just the Academy Awards that have graced this iconic venue; it has also been a stage for other high-profile entertainment events such as the Latin Grammys and the electrifying finals of the music competition American Idol.

It’s worth noting that back in 2019, Gaw Capital USA, in partnership with DJM Capital Partners Inc., a prominent San Jose-based real estate equity and development firm known for turning around struggling properties, acquired the attached Hollywood & Highland complex for a substantial $325 million. The seller, in this case, was Los Angeles developer CIM Group. At the time, there were reports of a transformation in progress, with some retail spaces being converted into office areas within the complex.

Notably, the Dolby Theatre was not part of this transaction, making it a unique and enticing opportunity for potential buyers who wish to own a piece of Hollywood history. The future of this iconic venue is brimming with possibilities, and its sale has the potential to reshape the entertainment landscape in Los Angeles.