Another Hollywood relic is facing possible extinction.

Combined Pro-perties Inc., a developer of commercial and residential properties, is negotiating to buy the Hollywood Palladium, which has hosted Frank Sinatra concerts and Academy Awards presentations, among many other events.

Alan Shuman, president of the venue’s owner, Palladium Investors Ltd., confirmed the group is in talks with Combined Properties but characterized the discussions as being at an early stage.

“There’s no contract,” he said. “But are they looking into it? Yes.”

The sale price would be close to $65 million, according to sources close to the deal. Messages left for Washington, D.C-based Combined Properties weren’t returned.

However, developers familiar with the Sunset Boulevard site believe the 66-year-old hall’s nearly 4-acre property has become more valuable as a location for housing and new shops and restaurants than as a concert venue. What’s more, a project likely wouldn’t pencil out unless the hall is knocked-down, they say.

There has been a string of Hollywood icons that could be converted or razed to make way for new mixed-use housing developments. They include the Capitol Records building, Columbia Square broadcast center and the former location of radio station KFWB-AM (930).

“We are losing so many sites related to the history of Hollywood,” said Jay Platt, preservation advocate at the Los Angeles Conservancy. “And the Palladium is at the top of the list of importance.”

Even so, the Palladium hasn’t been listed on any historic registers at the city, county, state or federal level and lacks those protections.

Platt said a recent survey conducted by the Community Redevelopment Agency of Los Angeles found the Palladium is eligible to be listed on the National Historic Register. “I’m not sure why it hasn’t already been listed,” he said.

Whether the city would allow the theater to be demolished or altered to make way for a project remains to be seen. Councilman Eric Garcetti, whose 13th District includes the Palladium, said other developers who have wanted to build on the property incorporated the venue into their plans.

“We’re very pleased that over the last year we’ve seen several development proposals for the site that include a preserved Palladium as a component of a larger development,” wrote Josh Kamensky, the councilman’s press deputy, in an e-mail.

However, Combined has leapt out ahead of the other developers because of its higher purchase offer.