The Dolby Theatre, the Hollywood venue for the Oscars, is up for sale.

One of Hollywood's important landmarks is up for sale. The Dolby Theatre, located in Los Angeles and the venue for the annual Academy Awards ceremony, is reportedly in the process of being sold, according to Bloomberg.

The Dolby Theatre is part of the Ovation complex in Hollywood, located at the intersection of Hollywood and Highland streets, where there is always a high flow of tourists, even when the Oscars are not taking place. The theater has a capacity of 3,400 people and can cost up to 70 million dollars, according to information obtained from a Bloomberg source.

The Dolby Theatre has signed a contract with the organizers of the Oscars until 2028 and has also hosted other major entertainment shows, such as the Latin Grammy Awards and the finale of the music competition American Idol.

Gaw Capital USA purchased the adjacent Hollywood & Highland complex in 2019 for $325 million, in partnership with DJM Capital Partners Inc., a real estate firm from San Jose that specializes in the renovation of troubled properties.

The Dolby Theatre is not included in this deal and remains an independent property.