Coronet musical instruments will be sold to a private investor, according to a report in the Wall Street Journal.
The company, which manufactures and sells the Coronet and Coronet II instruments, will make the sale on Feb. 19.
The Coronet was made famous by the 1960s Broadway musical, “The Coronet,” in which the musical’s lead actor played a young man who wanted to become a piano player.
The original Coronet is still used for most musicals.
Coronet said it plans to retain the original model and to continue manufacturing the instruments.
Corlear Inc., which was founded in 2002 by John Corlear, is best known for the Coronets.
It was founded by former President Jimmy Carter.
Coronax Inc., a maker of digital audio recording devices, is also in the business.
It is currently being investigated by the Securities and Exchange Commission for potential violations of the Investment Advisers Act.