Mortuary Reportedly to Buy Bankrupt Cemetery
A new prospective buyer has bid on the bankrupt Hollywood Memorial Park, where film legends such as Tyrone Power, Rudolph Valentino and others are buried, an aide to Councilwoman Jackie Goldberg said Tuesday.
A $375,000 bid by Callanan Mortuary of Hollywood has been accepted by the Auxiliary Heritage Co., which holds the mortgages on the cemetery, according to Roxana Tynan of Goldberg’s office.
Acceptance of the offer by Heritage is expected to be announced at a bankruptcy hearing today, she said. Callanan will then have an escrow period of about two weeks to examine the facility before a sale becomes final. Heritage had been seeking a minimum bid of $500,000.
“Escrow should close around Christmas,” Tynan said.
The property was in danger of being abandoned, but such an abandonment will now be postponed at today’s hearing, Tynan said. She said Callanan will probably renovate the run-down cemetery but that she knew of no plans for the facility beyond that.
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