CULVER CITY, CA—Hackman Capital Partners has purchased the historic Culver Studios for $85 million in a debtor-controlled sale, according to industry sources. Located at 9336 W. Washington Blvd. in Culver City, the 14-acre studio campus has 13 sound stages, creative office buildings and onsite parking.

Hackman Capital purchased the iconic site from a joint venture between Lehman Brothers Holdings, Pacifica Ventures and PCCP. Orrick assisted a syndicate investor affiliated with Hackman Capital. According to Orrick, the sale involved a complex capital raising effort for the transaction and concurrent bridge financing funded through a institutional balance sheet lender.

The studio was built in 1918, and has a long list of famous former owners, including Lucille Ball and Desi Arnaz, Howard Hughes and director Cecil B. DeMille. Legendary films Gone With the Wind, Citizen Kane, and A Few Good Men were filmed at the studio, which now serves as the set of ABC's Cougar Town. The studio has suffered financial troubles due to filming crews seeking out-of-state locations.