The National is sold for less than its assessed value

Posted at 9:53 AM, Oct 07, 2014
and last updated 2014-10-07 09:53:13-04

RICHMOND, Va. — A downtown music venue was sold last week to a massive West Coast entertainment company.

The National was purchased on Sept. 30 for $6.7 million by an entity tied to Los Angeles-based AEG Live, a concert promoter and venue operator whose parent company owns sports arenas and professional sports teams around the world.

AEG Live bought the property at 708 E. Broad St. through Mid-Atlantic Propco LLC, according to city records.

The National was sold by RIC Capital Ventures LLC, a company that for the last 11 months had been entangled in a legal dispute among its owners over how the business and its money were being managed.

Click here to continue reading on about how the sale price compared to the National’s assessed value.