New life breathed into Melbourne's Luna Park

Luna Park in Melbourne has been sold to Australian entrepreneur Lindsay Fox for $7 million.

The park will continue to operate, with its 120 employees offered continued employment. It is anticipated that significant funds will be spent upgrading the existing facilities and complementing them with new attractions.

Mr. Fox referred to the 50th Anniversary improvements made at Disneyland when describing his ambitions for Australia's oldest amusement park.

The park's most prominent ride is the 93 year-old LaMarcus Thompson Scenic Railway roller coaster.

Luna Park opened in St. Kilda in 1912, modeled after the extravagant Luna Park in Brooklyn, New York, which burnt to the ground in 1944. The Melbourne park however has been operating since 1912 and spawned a number of pseudo-copies around Australia, the only one of which still remaining is the Sydney Luna Park.

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