The 10-story Beverly Hills headquarters of Hustler Magazine, published and managed by Flynt Publications owner, Larry Flynt, has sold for $89 million. The buyer is the popular real estate investment trust, Douglas Emmett Inc.
According to the Hollywood Reporter, Flynt was looking to unload the property for a long time now. In March, he told The Hollywood Reporter that he intends to use the proceeds from the sale to invest in a casino, a hotel or any other operation that would fit the company's profile.
Now that Flynt has sold the building, he won't completely sever ties with the office. He has signed a lease with Douglas Emmett Inc to remain the anchor tenant of the building, reports Bloomberg.
"I'm delighted to announce this transaction. I bought the building in 1994 for less than $19 million, so we've been able to unlock significant equity which we can now put to much better use in other ventures and achieve greater returns," said Flynt in a press statement.
Located at 8484 Wilshire Boulevard in Beverly Hills, the office is a 225,000 square feet structure, which was built in 1972. It originally housed the offices of the Great Western Savings Bank.
About Hustler Magazine
Hustler is a monthly pornographic magazine published by the Larry Flynt Publications. Its first issue was published in 1974. Through the years, Hustler has diversified into retail stores as well. The stores are called "Hustler Hollywood" and are stacked with adult merchandise. There are ten Hustler Hollywood stores spread across the nation and more to come.
Larry Flynt has always believed in the "freedom of speech and expression", which his publication symbolizes elaborately. He recently endorsed Mark Sanford, the Republican whose extra-marital affair and sex scandal almost ruined his political career, for running as the Governer of South Carolina.
In his endorsement speech, Flynt says:
"I am endorsing Mark Sanford for U.S. Congress because no one has done more to expose the sexual hypocrisy of traditional values in America today. He is the man of the hour-the midnight hour. He has demonstrated by his words and deeds that traditional values are shameful and that he will not live by such rules. As the Bible teaches us: "Ye shall know them by their fruits."
Sanford won and was sworn in to office on Wednesday, May 15.
