Coachella Grosses More Than $47 Million
Coachella Grosses More Than $47 Million

Goldenvoice, promoter of the Coachella Valley Music & Arts Festival and Stagecoach Country Music Festival, last week completed the purchase of 280 acres of land comprised of Eldorado Polo Club, Triangle Bar Farms, Fish Creek and Ambassador Glen Holden's property in Indio, Calif.

Coachella Sells Out

Goldenvoice, a subsidiary of concert promotion company AEG Live, already has 280 adjacent acres on long term lease, the Empire Polo Club, which together with the new purchase comprise the site of the festival. Goldenvoice president Paul Tollett tells that such deals "help us put in some infrastructure so we don't have to keep coming back and doing the same things each year."

The terms of transaction were not disclosed.

This year's Coachella Valley Music & Arts Festival, to be held consecutive weekends on April 13-15 and April 20-22, sold out earlier this year in about three hours. Appearing both weekends are headliners the Black Keys, Radiohead and a collaborative performance by Dr. Dre and Snoop Dogg. Stagecoach 2012, which has also sold out, will occur April 27-29 with headliners Brad Paisley, Jason Aldean, Miranda Lambert and Blake Shelton.