North Shore Music Theatre Assets Set For Foreclosure Auction

The Salem News reports that the property and assets of the North Shore Music Theatre will be auctioned off to the highest bidder at an upcoming foreclosure auction, according to the theater's former chairman.

According to the paper David Fellows said four groups with theater backgrounds have expressed interest in buying the property and continuing to operate it as an arts center.

"I think everyone is thinking musicals, but they are also thinking of other things, from Shakespeare to straight plays to dance to opera," Fellows told the Salem News. "People are using this as an opportunity to think about what would sell and what is needed in North Shore communities."

North Shore Music Theatre closed in June due to mounting financial problems. Fellows said the board of trustees has turned the property and assets over to Citizens Bank, which is in the process of foreclosing on the theater's two mortgages, which total about $5.2 million.

 

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