COLUMBUS, Ohio (CelebrityAccess MediaWire) — Live Nation has finally managed to sell the former Germain Amphitheater to its original owners after more than five years on the market.
According to Columbus Business First, Live Nation sold the site to developer NP Ltd. on Tuesday for a cool $5.5 million, plus $1 million in taxes, consulting fees and other costs. This figure represents a significant markdown from the promoter's original asking price of $17 million when the put the site up for sale in 2006 after announcing the venue would close following the 2007 concert season.
NP Ltd. originally sold the 91 acre site in 1993 for $4.15 million.
As of yet, no specific use has been announced for the plans, though several options for development are under consideration.
"We’re still in the primary growth corridor in Central Ohio," Franz Geiger, managing director of NP told CBF. "There’s a number of potential users that would find this site attractive." – CelebrityAccess Staff Writers