Motion Picture & Television Fund Gets $30 Million for Property It Had Owned Since 1941
A longtime Los Angeles owner of retirement housing for the Hollywood entertainment industry has sold off some land it has controlled for decades.
The nonprofit Motion Picture & Television Fund sold the undeveloped property for roughly $30 million adjacent its campus at 23388 Mulholland Drive in Los Angeles, according to public records.
The buyers are multiple entities, including a company related to Westlake Village-based real estate developer California Commercial Investment Group. The developer is planning to build a 19-acre luxury retirement community on the property, according to its website.
MPTF has owned this parcel since 1941 and has never developed it, MPTF President and CEO Bob Beitcher told CoStar News. MPTF’s existing more than 20-acre campus has enough room to grow if it wants to add more residential units, he said.
“It seemed like a good decision to sell the land to a partner who would develop a luxury senior living community that complements our current work, would be available to our industry members and their families who were looking for this type of accommodation, and would put some additional funds into our own reserves to use within our parcel,” Beitcher said.
Beitcher said the money from the sale will be used to further the nonprofit’s mission to help people working and retired in the film and TV industry. He said the deal to sell the property has been in place for years.
A CCI representative didn’t respond to email and phone call requests to comment from CoStar News.
MPTF was started in 1921 by silent film star Mary Pickford as a way to help struggling members of the motion picture industry. Two decades later the organization broke ground on 48 acres on what would become the Motion Picture & Television Country House and Hospital, according to MPTF’s website. MPTF today offers financial assistance, senior living and other services to help entertainment industry members.
MPTF actively raised funds during the recent Hollywood strikes in 2023 to help entertainment workers who were financially impacted by the work stoppages. MPTF provided $500,000 per week to crew members during the strike, according to the firm’s website.
The organization’s board of governors includes directors J.J. Abrams and Christopher Nolan, and rapper 50 Cent.
Author Credit: CoStar, Jack Witthaus