J
ohn Mayer and Joseph McGinty Nichol, known as McG, have agreed to purchase the historic Jim Henson Company Lot in Hollywood for $40 million. The singer-songwriter and movie director negotiated with the Henson family for months to acquire the 5-acre property at 1416 North La Brea Avenue, which was founded by Charlie Chaplin a century ago. The sale is pending, but no closing date has been announced.

    The studio lot, once home to A&M Studios, has undergone several transformations since its founding in 1917. Chaplin built a Tudor-style English village on the site and shot some of his most famous films there. After he left the country in 1952, it was used for television production before being converted into recording studios by Herb Alpert and Jerry Moss in 1966.

    The Henson family purchased the property in 1999 and erected a statue of Kermit the Frog dressed as Chaplin's Tramp character at the entrance. The Jim Henson Company plans to relocate its operations, currently split between the Hollywood lot and Burbank-based Creature Shop, but has not disclosed the new location.

    John Mayer, a seven-time Grammy Award winner, will retain an office in the 80,000-square-foot studios, which have been mostly used for music recording. McG, a former record producer, has directed films like "Charlie's Angels: Full Throttle" and "Terminator Salvation."