The iconic Hotel Chelsea has gone through a lot of changes in the past few years—with control being taken away from Stanley Bard, and long time residents worried about what would become of their home. Well, now the hotel is up for sale, according to the Wall Street Journal, which reports that "the Chelsea's 15 shareholders, led by three Hungarian families who bought the 12-story red-brick building in 1946, are selling the property after concluding that the task of modernizing the hotel and apartment building was too challenging."

One shareholder referred to the liberal rent-collection policies the building has operated under, saying, "The way we want to run the hotel is not necessarily the way the business world works." And speculation is that a buyer could turn the Hotel Chelsea into an upscale destination, the way the Gramercy Park Hotel and Ace Hotel have been made over.