Hotel Chelsea under contract for $80 million sale

Photo of exteriors of the Chelsea Hotel on 23rd Street in New York City taken on Oct. 18, 1978. ((AP Photo/G.Paul Burnett))

April 6, 2011 4:12:01 AM PDT
The iconic Hotel Chelsea in Manhattan is under contract to be sold for more than $80 million.

But the buyer's name remains a mystery.

Whoever it is will have to dump at least $20 million into sorely needed renovations.

Hotel Chelsea was home to numerous artists, the setting of an Andy Warhol film and the scene of the infamous murder involving Sid Vicious, of the Sex Pistols.

The broker says there was a frenzy of interest for the hotel and that people were bidding through a surrogate, as in a high-end art auction.