Publishing giant Larry Flynt has put Hot Boat magazine up for sale according to Flynt Publications in Beverly Hills.
The publication has been on the market for a week for an asking price of $60 million.
The company is located in what is known to many as the Great Western Bank building because the thrift formerly housed its headquarters there, the 225,000-square-foot building is the world headquarters of Flynt Publications, the company's Internet site, and other subsidiaries of Flynt's publishing empire. Flynt bought the building in 1994 under an entity called L. Flynt Ltd.-8484 Inc.
Despite the sale plans, Flynt has no intention of getting out of the sex business. We have no plans to sell off any of our other publications, said Thomas Candy, chief financial officer for LFP Inc., parent company for the Flynt-owned businesses.
It's a seller's market and the timing is right for a sale, Candy said. But Flynt plans to sell its ***boat.com URL separately in an effort to generate additional revenue. In order to sell the URL, www.***boat.com will be shut down on Saturday, April 1, 2006, according to their CFO.
Flynt Publications is based in Beverly Hills and their operations take up 95,500 square feet.