Crumbling studios where Star Wars and The Crown were filmed need at least £150m to secure their future, according to a council report.
Hertsmere Borough Council, which owns Elstree Studios, said the roofs of some stages were “dangerous”.
It said the money was needed to replace “life-expired buildings”, where asbestos had also been discovered.
But it also claimed the council could not “afford to continually invest” in the Borehamwood film complex.
many major movies have been filmed at Elstree Studios since it was built in the early 1900s, from Alfred Hitchcock’s ‘Blackmail’ to Steven Spielberg’s ‘Indiana Jones’ trilogy.
In the 1970s, George Lucas directed scenes from the original Star Wars films at Elstree.
But some of its infrastructure was “at least 100 years old and past its useful life”, according to the report.
It said some walls were not expected to last more than 10 to 15 years.
And while asbestos remediation was taking place, its contractor discovered the roofs over stages seven, eight and nine “were in a dangerous state”. and asked whether it would be better “to demolish the stages altogether”.
Hertsmere Borough Council bought the studios complex from property firm Brent Walker in 1996 when it was in a “very dilapidated state”.
It has spent £22m so far on improvements, but the site has generated £28m for the public purse and has a market value between £40m and £100m.
The new Labour and Liberal Democrat leaders in Hertsmere, who took over from the Conservatives at the May elections, have proposed to pay £90,000 in consultancy fees to map out a “way forward”.
Leader of Hertsmere Borough Council, Jeremy Newmark, said: “Elstree Studios are thriving and the new Platinum Stages opened last summer are a great example of our commitment to the site and our continued investment.
“It’s also prudent that we look at opportunities to invest in and revitalise other significantly older parts of the site so that we can open up further exciting opportunities for this valuable asset for the borough and its residents.
“We’ve acted swiftly, decisively and transparently in tabling a set of proposals within seven weeks of our new administration taking office.”
