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Downtown L.A. Carwash Owner Cleans Up in Sale Estimated at $25 Million

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One of the most sought-after real estate parcels in downtown Los Angeles is a carwash — and it’s been sold for an estimated $25 million.

car-wash-sale

Robert O’Quinn works on a car at Downtown Car Wash at Olympic Boulevard and Figueroa Street. It was bought by a developer who plans to build a high-rise hotel-and-residential complex. (Credit: LA Times)

Purchased for $525,000 in 1980, the Downtown Car Wash across the street from L.A. Live was bought by a local developer who plans to build a high-rise hotel-and-residential complex at the busy crossroads of Olympic Boulevard and Figueroa Street.

During the carwash’s more than three decades of operation, its surrounding neighborhood has undergone a dramatic transformation that has left the sprawling one-story business looking out of place, like a go-cart among sleek race cars.

The intersection was once on the edge of the city’s business center, but it is now in a key link between the booming new neighborhood around Staples Center known as South Park and the financial district.

Click here to read the full story on LATimes.com.