Iconic theme park with chequered past up for sale

Luna Park, in the harborside suburb of Milson's Point, has not been on the market in two decades and reports suggest it is listed for about $70 million.

Luna Park chief executive John Hughes said the sale followed major investment at the site including $40-million in upgrades over the last four years.

"Since opening in 1935, Luna Park has played an important role in Sydney's social and cultural fabric," he said.

"Our outstanding management team is pursuing a strong pipeline of new opportunities that will further add value to the business."

Real estate firm CBRE has been appointed to lead the sale process.

The park was constructed in 1935, approximately 600 metres from the northern approaches of the Sydney Harbour Bridge.

It's not been without controversy.

The park suddenly closed in mid-1979 after the Ghost Train fire which killed six children and one adult.

The park was closed again in 1988 as an independent engineering inspection determined that several rides needed urgent repair.

The park reopened in 1995, but closed yet again within thirteen months due to noise complaints about the Big Dipper rollercoaster from local residents that led to reduced hours and a drop in attendance that made the park unsustainable to operate.

After another redevelopment, it reopened in 2004. It will continue to operate during the sales process.