Posted: Friday, July 27, 2012 11:52 am | Updated: 12:24 pm, Fri Jul 27, 2012.
DOWNTOWN LOS ANGELES - After six years of running the Million Dollar Theater, Robert Voskanian, the 1918 venue’s operator since 2007, terminated his lease on the property in June.
Voskanian said that despite holding events like concerts, a Wednesday night film series and renting the venue for filming, they were still not making enough money to cover their bills.
“I love the place, it’s gorgeous and it really broke my heart but financially it was too difficult,” he said.
As of now the theater is closed, he said. The 2,200-seat venue at 307 S. Broadway is owned by the Yellin Company, which also owns the neighboring Grand Central Market. A representative for the Yellin Company said officials with knowledge of the theater and its future plans were on vacation.
When Voskanian took over the property the theater had been vacant for about two years. Before that it had served as the headquarters for two churches and once housed the Metropolitan Water District.
Voskanian spent about $1 million renovating the theater before reopening it in 2008 with a celebration that closed Broadway off to traffic and included mariachis and other performers.
©Los Angeles Downtown News.
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