Land adjacent to Playa Vista that once belonged to Howard Hughes has been sold in a deal with three buyers worth an estimated total of about $85 million, Bloomberg News reports.
The deal includes the hangar-cum-soundstage where Hughes built the record-setting Spruce Goose airplane; it's also where at least some of Avatar and Titanic were shot. The vast, undeveloped portion of the property is going to Torrance developer Mar Ventures Inc., Bloomberg reports.
Ratkovich Co., which owns Los Angeles properties and office buildings such as the 5900 Wilshire high-rise, has a deal to buy some of the historic buildings on the property. An unnamed film company was buying the famous hangar itself.
It's not clear what Mar Ventures would do with the undeveloped property. The Playa Vista development had a multi-decade battle with environmentalists in its quest to put houses, apartments and retail space in an area adjacent to sensitive wetlands.