Historic Landmark as investment? (Commercial Foreclosure)


Does anyone have any experience purchasing a historic
landmark is a commercial investment?

Looks appealing (mix of res / commercial),
but are there any limitations / pitfalls with purchasing a historic landmark in california?


BTW here’s the property info:


Status Trustee Sale
Starting Bid $5,274,142
Address 4225 S. Central Ave
Los Angeles, CA 90011
Area LA County
Auction Date 7/10/08
Building Square Feet 36,781
Lot Square Feet 10,367


Trustor Dunbar Hotel Black Cultural
Property Tax $2,354,682
Trustee Chicago Title Company
Tenancy 73 units + 4 retail
Auction Date 7/10/08
Auction Time 10:30am
Auction Location 12720 Norwalk Blvd, Norwalk CA


I actually read an article recently about this property. It was a popular place years ago with many jazz legends performing there. Sounds like the area is pretty bad, it’s in South Central . I don’t know if there would be much of a point seems expensive at the “starting bid price” .