Artist Mural to Add $14M to Structure Value

FRIDAY, SEPTEMBER 16, 2022


Building owners Tarina Tarantino and Alfonso Campos are hoping to sell their building in Los Angeles for a price tag that’s $14 million higher than the structure’s actual worth.

The reasoning behind the uptick in price? A mural painted by famed graffiti artist, Banksy.

About the Building

Located in the heart of Los Angeles’ Fashion District on 908-910 S. Broadway, the Art Deco building was designed by Meyer & Holler, an architectural firm famed for drafting opulent commercial buildings around Hollywood, in 1914. Standing seven stories tall, the building has been a part of city’s changing landscape for over a century.

In 2007, Tarantino and Campos began using the top floor of the structure as a showroom for their accessories brand Tarina Tarantino. The remaining floors were rented out to tenants.

Three years later, in 2010, anonymous British street artist Banksy left a surprise painting on an exterior sidewall of the structure. Known as “Swing Girl” or “Girl on a Swing,” the mural features a young girl on a swing made of wood and rope from the “A” in the word “parking.” The “ing” in the word was also whitewashed.

According to Banksy Explained, art critics theorize that the artist was bringing attention to “the lack of places for kids to play safely in what is a fairly rough area of Los Angeles.”

In 2018, the building reportedly underwent an all-expenses paid effort to restore it to its original condition. As a result of the renovation, the structure features over 26,000 square feet of commercial real estate space, class-A first-floor retail space and a unique basement space.

Earlier this year, because of the ongoing effects of the COVID-19 pandemic and renters backing out of leases, the couple filed for bankruptcy. In court filings from April, the couple wrote that they believed the structure was worth $16 million, but that that number hadn’t factored the Banksy mural.

“This isn’t your typical real estate transaction,” Campos told The New York Times. “We understand the intrinsic value that the Banksy adds to the building.”

What Now

In a statement released at the beginning of the month, Hilco Real Estate announced the sale of the historic, newly renovated mixed-use mid-rise.

Described as being a one-of-a-kind property due to the fact the building’s exterior features an authenticated Banksy mural, the company also pointed out that the artwork is the only one of Banksy’s in the city to remain undisturbed in its original location.

“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,” Jeff Azuse, Senior Vice President of Hilco Real Estate.

Offers on the structure are due by Oct. 20.

   

Tagged categories: Art deco; Artists; Asia Pacific; Color + Design; Commercial / Architectural; Commercial Buildings; Decorative Finishes; Design - Commercial; EMEA (Europe, Middle East and Africa); Latin America; Murals; North America; Z-Continents

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