John Mayer and movie director McG have agreed to buy the Jim Henson Company Lot, a legendary studio in Hollywood founded by Charlie Chaplin.

John Mayer is set to purchase the storied Hollywood lot established by Charlie Chaplin and later owned by A&M Records and the Jim Henson Company, according to The Hollywood Reporter. A rep for Mayer — who has an office on the lot — confirmed that the musician,

John Mayer and director McG ( Family Switch) have teamed up to buy one of Hollywood’s most historic studio lots. According to The Hollywood Reporter, a spokesperson for guitarist/singer Mayer confirmed that the pair are “under contract to buy Henson Studios.”

John Mayer and McG are closing in to buy the famed Jim Henson Studio lot and the Charlie Chaplin Studios in Los Angeles.

John Mayer and McG are dropping a reported $60 million to buy the historic Jim Henson Studio lot (and former A&M Records HQ) in Hollywood. Grammy-winning singer John Mayer and filmmaker McG have teamed up to buy the historic Hollywood home of The Muppets in Hollywood.

The storied property — formerly A&M Studios and earlier Charlie Chaplin Studios — had been the subject of bid speculation from the Church of Scientology.