John Mayer has finalised a $45 million deal to buy the Muppets studio lot from The Jim Henson Company.
The Grammy-winning singer-songwriter and producer and director McG - whose real name is Joseph McGinty Nichol - are said to have forked out for the Hollywood studios, which was formerly the headquarters of legendary comic and actor Charlie Chaplin, after recently being in talks to purchase the building.
Sources with direct knowledge have told TMZ that the pair splashed out around $45 million for the lot, despite previous reports claiming they would need to find around $60 million.
John is expected to oversee the recording studio, while 'Terminator Salvation' helmer McG will take care of the other facilities.
The 'Edge of Desire' singer has a longstanding connection to the studio, after previously recording music there and he has offices in the building.
Last month, a representative for the 'Gravity' hitmaker said: "John Mayer and McG are under contract to purchase Henson Studios."
But a completed purchase is yet to be confirmed at the time of writing.
The pair are expected to keep the same staff members, but they are said to be keen to change the name of the lot, which is steeped in history.
Charity single 'We Are The World', which was written by Michael Jackson and Lionel Richie and performed by supergroup USA for Africa, was recorded there in 1985, and the likes of Sir Paul McCartney and Bruce Springsteen have used the recording studios over the years.
The Henson Studios is also said to have been the location for Greta Garbo’s final screen test.
As well as having a huge place in music and Hollywood history, the studios was also significant for the small screen.
Both 'Adventures of Superman' and 'Perry Mason' were filmed at the lot, which was purchased by The Jim Henson Company for a reported $12.5 million in 1999.
American puppeteer and animator Jim - who created The Muppets - passed away in 1990 aged 53, but his children continued his legacy through The Jim Henson Company.
