SANTA MONICA—On March 14, Santa Monica Amusements announced the sale of the Santa Monica Pier located at 200 Santa Monica Pier to SC Holdings LLC investment firm.

According to reports, SC Holdings who also invests in LeBron James’ Springhill entertainment company, have indicated that they will be investing $10 million into the attraction over the next five years. SC Holdings has also been invested in one of the nation’s newest sports, pickle-ball.

The ownership has changed hands, but according to the Vice President and General Manager of Santa Monica Amusements, Jeff Klocke, day-to-day operations will still be handled by Santa Monica Amusements.

Adrian Williams who is one of the partners at SC Holdings made the following statement about their most recent investment:

“We’re honored to support the Park’s growth through investments in its programs and operations. The Pier and Park are such iconic parts of Southern California’s coastline, and we want to make sure they stay a welcoming place where visitors and locals can come have fun and relax.”

The Santa Monica Pier opened in 1909. The Looff Hippodrome carousel was built in 1922. It has 44 hand-carved horses on it and is still in operation today. The park features a dozen rides in all including the world’s only solar-powered Ferris wheel, and the Route 66 roller coaster.

Multiple movies including one of Tom Hank’s greatest movies, Forest Gump, used the amusement park on the Santa Monica Pier as their backdrop for some of their scenes. The 70s sitcom, Three’s Company, also had photo shoots at the Pier.

The park has remained an admission-free attraction that reportedly hosts over 10 million guests each year.