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Film academy to pay LACMA $36.1 million for movie museum lease
Film academy to pay LACMA $36.1 million for movie museum lease

The Academy of Motion Picture Arts and Sciences will pay more than $36 million to the Los Angeles County Museum of Art for a 55-year lease on the former May Co. department store building and adjacent land where the academy plans to build a movie museum scheduled to open in 2017. The deal may seem pricey at first glance, with the full $36.1 million to be paid by Oct. 1, according to LACMA spokeswoman Miranda Carroll. She said the academy paid a $5-million installment last year. But once the large up-front payments are made, the academy, which is raising $300 million for its museum, will be in the clear for 108 years. The lease on the building known as LACMA West went into effect Oct....

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