Report: Abbey Road For Sale
February 16, 2010 at 4:29 AM (PT)
ABBEY ROAD, the recording studio immortalized by THE BEATLES album of the same name, has been put up for sale by EMI as the music group looks to extricate itself from the debt burden of TERRA FIRMA’s 2007 leveraged buy-out, reports THE FINANCIAL TIMES. "EMI would not comment, but five people familiar with the situation told THE FINANCIAL TIMES it had been courting bidders for the property in ST JOHN’S WOOD. A sale could raise tens of millions of pounds," wrote THE TIMES.
While the physical property was put on the market, it's not clear whether EMI is selling the ABBEY ROAD brand name -- but one media lawyer said, "The brand is worth more than the building ... anybody who wants the studios will want the brand."
EMI purchased the building at 3 ABBEY ROAD for £100,000 in 1929. THE BEATLES made it famous, using it for 90% of their recordings between 1962 and 1969. PINK FLOYD recorded "Dark Side of the Moon" at the studio.