Santa Monica Pier's Pacific Park sells to an investment firm

The amusement park on the Santa Monica Pier, Pacific Park, has been sold to an investment firm that plans to put $10 million into the park's food and entertainment attractions, and general operations over the next five years.

The company that runs Pacific Park announced its sale Thursday to investment firm, SC Holdings, which specializes in sports, entertainment and hospitality.

The firm has an extensive resume, previously investing in LeBron James and Maverick Carter's entertainment and production company, the merger of Major League Pickleball and the Professional Pickleball Association, and chef James Kent's Saga Hospitality Group which is home to multiple Michelin star restaurants.

Pacific Park's Vice President and General Manager Jeff Klocke said he and his management team will continue to lead the attraction's day-to-day operations.

"Having SC as owners and investors in Pacific Park is a milestone moment," Klocke said.

"SC's investment and resources will help us expand what makes Pacific Park great today and write its next exciting chapter."

The admission-free amusement park on Santa Monica Pier welcomes 10 million visitors annually, according to Santa Monica Amusements.

The Ferris Wheel at the park, that offers riders coastline views for miles, is the most famous attraction, but there are also 11 other rides, as well as games and dining.  

"We're honored to support the Park's growth through investments into its programs and operations," SC Partner Adrian Williams said.

"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."