A.F. Gilmore Company Purchased Fairfax Theatre Site

The historic Los Angeles property sold for $7.2 million, marking an 83 percent discount from its original listing price.

Updated on Oct. 5, 2026 in Commercial

Screen-print poster illustration showing a stylized, warm-toned architectural fragment of a historic facade, representing heritage preservation in Los Angeles. — The A.F. Gilmore Company has purchased the historic Fairfax Theatre property in Los Angeles for $7.2 million, ending years of uncertainty. AI Illustration. Upload story photo >

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The A.F. Gilmore Company has acquired the long-vacant Fairfax Theatre property at 7901-7909 Beverly Boulevard. The sale follows a failed attempt to auction the site last month and represents a significant drop from the $45 million asking price seen last year.

Why it matters

The acquisition concludes a long period of uncertainty for the site, which has been shuttered since 2010. The transaction was facilitated by a personal relationship between the buyer and the seller, Alex Gorby, who owned the property for over five decades.

The 29,000-square-foot property was listed for $45 million just last year before ultimately selling for $7.2 million. The site includes a historic Art Deco facade preserved after a partial demolition in 2023.

The players

A.F. Gilmore Company

This real estate and development firm is the new owner of the Fairfax Theatre site.

Alex Gorby

He was the long-term owner of the Fairfax Theatre property, holding the title from 1970 until the recent sale.

City of Los Angeles

This municipal authority oversees the land-use regulations and historic preservation status of properties within the city.

The details

After closing in 2010 due to roof damage, the structure faced years of neglect despite the City of Los Angeles designating it as a Historic-Cultural Monument in 2021. The property was partially demolished in 2023, though the facade remains standing at the Beverly Boulevard location.

The Art Deco theater building was originally constructed in 1930.
Alex Gorby acquired ownership of the property in 1970.
The theater officially closed its doors in 2010 following roof damage.
The City of Los Angeles designated the site as a Historic-Cultural Monument in 2021.
Most of the physical structure was demolished in 2023.

Culture Shift

The sale highlights the tension between land development and historic preservation in major urban centers. By maintaining the Art Deco facade, the project follows a common trend of adaptive reuse where developers balance modern density requirements with the preservation of local architectural heritage.

Residents in the area may see future development activity at the long-vacant site following the transfer of ownership. The preservation of the facade ensures that the visual character of the intersection remains intact while potentially bringing new activity to the neighborhood.

The takeaway

Large-scale urban properties often require significant time and financial adjustment to transition between ownership cycles and potential redevelopment. The final sale price serves as a reminder that market conditions can lead to substantial deviations from initial listing expectations.