The Vagrant Row California Theatre has been purchased out of foreclosure by Beverly Hills investment firm Windmill Investment Advisors for $6 million. The building that originally opened in 1927 includes a 2,200 seat theatre, offices and storefronts.

I’m pretty sure this building has changed hands at least 63 times since becoming inoperable about 20 years ago. The sad thing is that the spanish colonial building could be restored and would once again be a shining Downtown landmark. Hopefully getting into this at $6 million as opposed to carrying the $15 million of the previous owners tab will give them enough room for the project to pencil out. But for now, at least one knows where to get their smack fix…

Recently the Balboa Theatre underwent a tax dollar funded $24.5 million dollar renovation before it re-opened in January of 2007.