Downtown LA Carwash Owner Paid $525k In 1980, Sells For $25M - New York News

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

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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.

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