It will auction off a collection of over 90 thousand props from films, such as "Cleopatra" and "Titanic", as well as TV's " The Files" and "Golden Girls" and music videos form Michael Jackson, Britney Spears and Madonna.

Schwartz says the closure will be a major business and cultural loss.

Harvey Schwartz said, "I am the last of the biggest prop house under one roof in the world. When the stuff is gone, it will never be replaced."

Governor Arnolf Schwarzenegger signed a law in February creating the first-ever tax credits for film and TV productions in California.

But they do not take effect until 2011, too late for Schwartz.

The auction runs between July 28th and August 1st, at Schwartz's warehouse. It will be followed by an online sale.

(CCTV July 24, 2009)