An agreement to sell The Grove School of Music in Van Nuys has fallen through and the school probably will close in September unless they can raise at least $300,000, school administrators said Monday.
The school has graduated many professional musicians who are active in the entertainment community, and the faculty includes Academy Award-winning composers Henry Mancini and Bill Conti. Two weeks ago, executives thought they had cured its financial problems when Full Sail Center for the Recording Arts, a Florida-based arts school, had apparently agreed to purchase it. Full Sail administrators changed their minds, and now Grove must find another investor.
The school this year has lost $1 million and more than 25% of its student body--dropping from 470 to 350 students.