305-311 S Main St
Culpeper, VA 22701
Foreclosure Auction: Historic State Theatre · Retail Property For Sale

Foreclosure Auction: Historic State Theatre, Culpeper, VA | Redevelopment Options Foreclosure sale on behalf of first position lienholder; original note $2 million. Appraised in June, 2017 for $5.8 million (real estate ONLY, not including FF&E). Suggested opening bid $500K. Don't need a theater? See the C2 zoning permitted uses list in the Property Information Package and get creative! Brewery, Condos/Apartments, Mixed Use with Retail and Residential, Spa/Fitness, Boutique Hotel. There are many options for re-purposing. Built in 1934 as the Pitts Theatre Classic Art Deco Styling with Lighted Marquee On National Registry of Historic Places 548 Seats, 25,000+ Sq Ft Sold to the State Theatre Owner LLC in 2008, leased by State Theatre Foundation $13 million first-class upgrades to Building, Fixtures & Equipment in 2013 Operated as non-profit community venue for plays, concerts, bands and other live performances, film screenings, public school drama/theater/production classes and recitals, social/reception venue, fund raising events Went dark September, 2016 5 year Historic Tax Credits use restriction expires May, 2018 No restrictions on interior alterations for a conforming C-2 zone use Master Lease with Foundation ends April, 2018 Rare opportunity to name your price for a well constructed and fully restored building. Note: Furniture, Fixtures & Equipment, including theatre seats, stage, projection and lighting equipment and rare vintage piano available for on-line bidding - details to follow. Download the Property Information package for the tax record, appraisal, floor plans, historic certification document, C2 zone permitted uses, Memorandum of Sale, and other due diligence. Please see Auction FX1887 on our website for more information. Tranzon Fox, VAAF423