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commercial real property located at 5401-9 S. Broadway, Los
Angeles, California (the 5401-9 S. Broadway property), for a
total purchase price of $130,000, consisting of a $30,000 cash
downpayment and a deed of trust to the sellers for the remaining
$100,000. In 1985, Fred deeded his interest in the 5401-9 S.
Broadway property to petitioner for approximately $65,000. Later
that year, petitioner paid off the deed of trust on the property.
The 5401-9 S. Broadway property consists of a two-story
building and a large parking area. The building, which was
constructed in 1922, has a total floor area of approximately
27,000 square feet, or 13,500 square feet per floor. From the
1920s until 1968, the first floor of the building contained
various retail businesses. The second floor contained a
nightclub/ballroom facility known as the “5-4 Ballroom”.
Following World War II, the 5-4 Ballroom became a popular
entertainment venue among Black entertainers and patrons in the
Los Angeles area and featured primarily Black entertainers and
musicians, including a number of prominent blues and jazz
artists.
The 5-4 Ballroom closed in 1968, 3 years after the Watts
riots. However, the rental activity on the first floor of the
building continued, with space being rented to various
businesses. When petitioner and Fred purchased the 5401-9 S.
Broadway property in 1980, there were four tenants on the first
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Last modified: May 25, 2011