LOS ANGELES (AP) - A famous piece of Hollywood is up for sale. The owners of the Magic Castle and the Japanese mansion that houses the Yamashiro restaurant are looking for someone interested in acquiring the landmarks and the surrounding 10-acre hilltop property.
The buyer would get a valuable piece of land located just above Grauman's Chinese Theatre, the Hollywood Walk of Fame and other tourist attractions.
Part of the property can be developed, but the buyer must preserve the nearly century-old Magic Castle and Yamashiro because they are designated historic landmarks, said Andy Ulloa, a part owner of the property.
'We're looking for a buyer who will make sure the integrity of the property remains,' Ulloa said.
He said other owners of the property, including descendants of developer Thomas O. Glover, decided to sell it after more than 60 years of ownership.
'There's no asking price, the owners want to see what kind of offers will come their way,' he said.
Glover bought Yamashiro in 1948 for $150,000 when the mansion -- originally built to resemble a mountaintop palace near Kyoto, Japan -- fell into disrepair, Ulloa said.
The ornate structure and its distinct Japanese architecture had been vandalized during World War II when anti-Japanese sentiment was high. Glover restored the home and its sprawling Japanese garden and pagoda, and his son later turned the main mansion into a restaurant, Ulloa said.
Glover also bought a nearby mansion that resembles a French chateau and became the headquarters of the Academy of Magical Arts. The structure also is home of the Magic Castle Hotel and a restaurant that features magic shows.
'The business is doing well,' Ulloa said. 'If someone sees the property for how well it's doing, we're confident we'll stay in place for a long time.'
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.