A valuable piece of wall art, with an added bonus, is going up for auction next month in Los Angeles with an expected price tag of millions of dollars.
The bonus included with the wall art by famous street artist Banksy is a seven-story building at the heart of the city’s downtown fashion district. The building, located at 908-910 South Broadway in the City of Angels, was built in 1914 and was given an extensive restoration in 2018, according to the real estate agency auctioning off the property. The building was also featured in the 1923 film Safety Last!
THE INDUSTRIES MOST AT RISK OF A NEW ECONOMIC DOWNTURN
The centerpiece of the sale is not the building but rather a mural titled “Girl on a Swing” on the exterior of the building. The mural is the only of Banksy’s work in Los Angeles that has not been removed from its location and one of few pieces in the world that has not been moved, according to the real estate agency.
“This sale presents an unprecedented opportunity to own a treasured Banksy mural, a unique piece of Hollywood history and an icon of Los Angeles culture contained within a beautifully restored art nouveau landmark,” said Jeff Azuse, senior vice president of Hilco Real Estate. “908-910 S Broadway’s one-of-a-kind characteristics provide limitless potential for anyone interested in the prestige and functional capabilities that come with its ownership.”
The owners of the building, Tarina Tarantino and Alfonso Campos, filed for Chapter 11 bankruptcy earlier this year and are selling the building as part of the filing. The two were having a hard time putting a monetary value on the real estate because of the mural but were hoping to get $30 million, Campos told the New York Times.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
“This isn’t your typical real estate transaction. We understand the intrinsic value that the Banksy adds to the building,” Campos told the New York Times.
Offers for the property are due to Hilco Real Estate by Oct. 20.
