Annual sales of LPs in the U.S. had dipped below 1 million for the first time in a decade, and record giant Tower had just gone out of business.

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First came an indoor ski resort in 2005, then a floating palace hotel in the sea in 2008, and in 2011, a record-breaking stratospheric tower pierced the clouds.

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Finding new financing will not be easy: The troubled British record label EMI, now on the auction block, occupies 100% of the tower.

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For independent record stores, which sell 71% of all LPs, vinyl is becoming a lifeline even as megastores like Tower Records and HMV have gone the way of the 8-track.

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Supporters argue the tower is a necessary evil, bringing opportunities for employment in a country where unemployment levels reached a record high of 25% in the second quarter of 2012.

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