Music and healthcare executive Raymond Termini has sold his 7,500-square-foot Music Row building for just over $2 million, less than what he paid for the property a year ago.
The property at 12 Music Circle S., purchased by Termini a year ago for $2.15 million, has been sold to Pegula LP, the vehicle of Terrence "Terry" Pegula, who runs Pennsylvania oil and gas company East Resources Inc. The property was appraised at just under $1.2 million in 2007, the last time it was assessed.
Black River Music Group, an upstart label that has signed Jeff Bates and Sarah Darling, will record in the historic space, which was built by legend Roy Orbison and renovated in the early 1970s by country star Ronnie Milsap. The new owners have completed renovations of the studio, which has been renamed "Ronnie's Place" in honor of its former owner.
It has been a rough few months for Termini, who also is CEO of Haven Healthcare, a nursing home company that went bankrupt late last year. In addition, several agencies have begun looking into allegations that he misused federal funds to finance his label Category 5 Records.
The flagship artist on Category 5 was Travis Tritt, who sued Termini and the label in late 2007, claiming that Termini misrepresented the label and its ability to honor financial commitments.
What will become of Category 5 is not clear. The label's phone number has been disconnected and it is not clear where the company's offices now are. Music Row attorney Rush Hicks, who represented Pegula, said he did not think Category 5 has found a new location yet.