Gladstones Restaurant, located along Pacific Coast Highway and Sunset Boulevard, will close sometime in October.
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The restaurant first opened in 1972 in Santa Monica Canyon but moved to the Pacific Palisades in the '80s, and has changed owners several times.
Most recently, it was owned by former Los Angeles Mayor Richard Riordan.
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Next year, celebrity chef Wolfgang Puck is expected to break ground on a new Frank Gehry-designed restaurant with the same oceanfront views.