Santa Monica Pier amusement park sold for $34M

SANTA MONICA, Calif. (AP) - The Ferris wheel and other amusements on the Santa Monica Pier have been sold.

The landmark Pacific Park amusement center has been sold for $34 million to an Orlando-based real estate trust.

CNL Lifestyle Properties Inc. told the Los Angeles Times that it bought the park, along with a ground lease for the two-acre property.

Santa Monica Amusements, which opened the park in 1996, will continue to operate it.

CNL Managing Director Curt Caffey says the park is an emblem of Southern California that's seen frequently on TV shows.

Pacific Park draws more than 4 million visitors a year and grossed nearly $20 million last year.

But General Manager Mary Ann Powell says it's expensive to maintain, with paint alone costing $200,000 a year.