I first wrote about the travesty at North Shore Music Theatre in this post. I called it a disaster waiting to happen and an embarrassment to theatre everywhere. It a lesson to all theatres out there.
Today the news was pretty much every where that North Shore Music Theatre put on the auction block. Well it looks like Beverly, MA could have a new mall or apartment complex. What a waste!
The auction will include the main theater building, the former education building and a separate restaurant on 26.5 acres.
McLaughlin’s auction listing says the location has “tremendous redevelopment potential.”
The property is assessed at $12.1 million by the city for tax purposes.
Fellows said in June that the theater’s mortgage is $5 million and that while the land, buildings and other assets were worth $5 million at one time, it isn’t worth that much now.
“Our guess is that it’s half of that or maybe less," he had said.
In addition to the mortgage, the theater owes an additional $5 million to other creditors, including about $2.5 million in season ticket payments made for the 2009 season from about 4,400 subscribers. Boston Culinary Group, which ran the theater’s food service, also has a $250,000 attachment on the property for unpaid bills.
No related posts.
No Comments »
No comments yet.
Start the conversation by leaving a comment!