Melbourne venue The Palace – formerly owned by Kefi Nominees, directed by nightclub identity and property developer Jerry Pilarinos – has been sold. The live music venue sold for $13 million to a Chinese investor in a sale that could signal the end for the historic music venue with rumours the new owners could develop residential city apartments at the site.
The Palace is one of Melbourne’s most well-known live music venues is situated at the top of Bourke Street Melbourne. The building dates back 100 years and started as a cinema in the heart of the city.
The property was put up for sale by Ferrier Hodgson, with partner George Georges appointed in February this year, after Pilarinos’s company Kefi Nominees was forced into administration by Bankwest.
Kefi acquired it in 2007 for $10 million from Irene Meletsis.
Kefi listed The Metro for sale in May last year through Colliers International with an asking price of $20 million as a residential development site, but without a building permit.
At the same time as Kefi listed The Metro for sale, Fairfax Media reported that Pilarinos sold an apartment project, the Tresor on the north-west corner of Chapel Street and Alexandra Avenue, to builder Fridcorp for around $13 million.
He also failed last year in a court bid to recoup $500,000 he invested into small technology company Computronics Holdings.