BURBANK, Calif., Jan. 14, 2016 /PRNewswire/ -- A Burbank recording studio with a rich history of serving the music, film and television industries is set to go on the auction block at 10:00 a.m. (PT) on Jan. 28, when Tiger Capital Group's Remarketing Services Division and Tranzon Asset Strategies conduct a live auction to sell the real estate and other assets of the former Magnolia Theatre building site most recently operated by the bankrupt Saboa Entertainment LP.
By order of the U.S. Bankruptcy Court, the historic 15,000-square-foot building at 4403 W. Magnolia Blvd. in Burbank, as well as a full range of recording studio/sound-mixing gear, microphones, musical instruments, office furniture and furnishings, and a state-of-the-art chef's kitchen are being offered for sale as a complete turnkey package. The property also includes a large patio area and a parking lot with more than 70 spots, plus gated VIP parking.
Bids, which are subject to a stalking horse offer currently in place, are now being accepted. Qualifying overbids must be a minimum of $6.5 million. Those intending to bid are required to prequalify with Tranzon by submitting a written offer and deposit by January 26. Only qualifying bidders will be invited to the live auction at the Burbank site.
Previews of the facility will be held on January 13, from 1:00 p.m. to 5:00 p.m. (PT); January 14, from 9:00 a.m. to 1:00 p.m. (PT); January 20, from 10:00 a.m. to 1:00 p.m. (PT); and January 26, from 12:00 p.m. to 4:00 p.m. (PT).
"Situated in the heart of the creative corridor that also hosts Disney studios, Warner Brother facilities and other recording studios, this strategically located site offers an extraordinary opportunity for recording artists, restaurant operators, schools or other uses," said Michael Walters, President of Tranzon Asset Strategies. "Constructed in 1940, the building underwent extensive renovations from the late-1970's, when it was converted to a studio use, and has benefitted from ongoing improvements since 2004. The ample parking lot and large patio area make this site all the more appealing."
"This is a jewel of a facility, which has served many top recording artists," added Jeff Tanenbaum, President of Tiger Remarketing Services. "Industry professionals touring the building have commented on the studio's diversity and ability to support jazz, orchestral, rock and pop music, not to mention film and video production. The facility has been dialed in by some of the industry's top engineers, and features a 72-channel Neve 8078 console along with Flying Faders automation and outboards including several Tube-Tech, Pultec and Fairchild dynamics/EQ units. It would be a tremendous undertaking to reconstruct a studio offering similar capabilities."
The facility also features a 30-foot-tall scoring stage measuring approximately 4,000 square feet; a theatrical mixing room with Dolby digital, THX and DTS; two 5.1 editing rooms; two video editing suites; an isolation booth; two ADR recording studios; multiple offices; and the chef's kitchen.
The sale also includes all of the facility's recording studio and sound mixing gear. Highlights include the Neve mixing console; Studer recorders; Tube-Tech, Pultec and Fairchild outboards; a vintage EMT 250 digital reverb; and more than 40 vintage Neuman, Telefunken, Sennheiser, Shure and Sony tube and condenser microphones.
The studio additionally includes musical instruments, theater equipment, furniture, furnishings and business equipment.
Saboa Entertainment LP filed for Chapter 7 bankruptcy on April 28, 2015 in the California Central District Bankruptcy Court (case number 2:15-bk-16749).
SOURCE Tiger Capital Group