Real Estate
LA’s $1.2 Billion Graffiti Towers Put on Sale After Bankruptcy
- Creditors forced Chinese-owned project into bankruptcy
- Construction halted 5 years ago when project was 60% done
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For sale: Steel skeletons of three towers in downtown Los Angeles, erected by a Chinese developer that spent $1.2 billion before running into financial troubles.
The site, called Oceanwide Plaza, became famous this year when graffiti artists covered the 49-floor-tall structures. Now, the property is going on the market, with lenders and other creditors needing about $400 million to recoup their money.