Delay in factory-to-movie-set conversion

LONG BEACH, Calif. According to the /*Los Angeles Times*/, the sale of the property has fallen out of escrow.

Last year, investors led by actor Jack O'Halloran said they had financing for the $500 million project. They planned to turn the factory into a self-contained production facility with dozens of sound stages, a water tank stage, offices, a commissary, and a hotel.

However, the sale of the property itself, estimated to be worth around $100 million, has not gone through.

The investors say, they still hope to complete the deal.


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