The Hollywood Palladium is making its way on to the commercial market where it is expected to sell for up to $60mn, says the Hollywood Reporter.

The famed theatre, located on Sunset Boulevard, is being promoted as an opportunity for developers, with a hotel being possibly developed in its 9,000 sq ft parking lot, the Reporter adds. LSREF 2 Clover Property LLC is listed as the owner.

The iconic building has seen performers from a multitude of genres and eras with everyone from Frank Sinatra to Jay Z gracing its stage.

Live Nation, the events and concert company, lease the venue and only signed a lease in 2007 for a period of 20 years.

Norman Chandler, publisher of the Los Angeles Times, funded the venue's construction in 1940 for $1.6mn. Built by movie producer Maurice Cohen, it took the place of the original Paramount lot between El Centro and Argyle avenues. Gordon Kaufman, who was the architect behind the Greystone Mansion, designed the style dance hall. He was also responsible for the Los Angles Times building as well as Arcadia's Santa Anita Racetrack, the early Caltech forms and Hoover Dam.

1940 saw the introduction of the ballroom with a dance that featured Tommy Dorsey and his Orchestra joined by none other than band vocalist Frank Sinatra.

The venue played host to radio broadcasts during World War II with song requests by servicemen greeted by Betty Grable. Big Bands Acts began to lose ground in the 50s which caused the Palladium to stage rock concerts, auto show, political events and charity balls. It began to host the Lawrence Welk Show in 1961.

Pop Expo 69 which saw performances by the MC5 and the Jimi Hendrix Experience was an event orientated around youth, hence it being known as a "teenage fair". The venue began to take bookings for heavy metal, rap and punk rock concerts in the 80s and 90s. There were a number of power-related issues that occurred as a result which eventually led to an eight week closure in February of 1993.

Privately owned group, Palladium Investors Ltd have owned the theater since 1985. Eight years later, curfews were introduced and a show featuring Marky and the Funk Bunch had to be called off due to a brawl that took place just a few days earlier.

In 2007, a long-terms lease was signed by the owners to manage, operate and book the venue exclusively with Live Nation.

One year later, after undergoing renovation, it was reopened with a performance by Jay-Z. The renovation included improvements made to the stage infrastructure, upgraded restrooms, expanded concessions and a remodelling of the interior and exterior.

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