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Judge Approves $4.5-Mil Sale of Historic Playhouse

LOS ANGELES-The complicated bankruptcy sale of the Pasadena Playhouse will allow a private family trust to convert a tower on the site into loft apartments but also permit live theater productions to continue.

By David W. Myers | Updated on November 08, 2001

LOS ANGELES-A Bankruptcy Court judge here has approved the sale of the historic Pasadena Playhouse complex to a private family trust that plans to turn part of the project into loft apartments.

The Greg Varon Family Trust’s offer for the property on El Molino Avenue is valued at about $4.5 million. The trust plans to convert an old tower at the back of the property into 17 loft apartments, and to find a tenant for some vacant restaurant space on the project’s ground floor.

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