The Malibu Performing Arts Center -- a performance venue and recording studio used by A-listers such as Tom Petty, Bob Dylan, Barbra Streisand and, recently, Sting -- will be auctioned to the highest bidder June 19 as part of the bankruptcy proceedings of its owner, the Vineyard Christian Fellowship of Malibu.
So far, the only bid that has been made public is a $15-million offer from the city of Malibu. If it prevails in the bidding for the facility, which includes a 520-seat theater and 35,000 square feet of rentable space, it plans to use the building as its new City Hall.
"The people in Malibu are not shy to give their opinions, and every person who has called me has said this is brilliant," said Mayor Andy Stern.
In January 2008, the property was appraised at nearly $28 million, but values have since plummeted. In November, it was appraised at $18.4 million, said Reva Feldman, the city's administrative services director.