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|Home: BigScreen Journal - Milwaukee, WI: Rosebud Cinema Drafthouse and Times Cinema Sold at Auction|
The owner of the Avalon Theater in Bay View bought the Rosebud and Times theaters at a sheriff's foreclosure sale Monday morning, an attorney for the mortgage holder said.
Lee Barczak, president of Morgan Kenwood Advisors and owner of the Avalon, was the successful bidder, said Russell "Rusty" Long, who had represented Anchor Bank and Siegel-Gallagher, the property management company responsibile for the two theaters.
Long said it was a "shocking surprise" to him that there was a successful bidder other than Anchor. Long had said earlier that he believed there was only the most remote possibility that anyone other than Anchor would purchase the movie houses.
Barczak was "the successful bidder for both," Long said, offering to pay $275,000 for the Rosebud and $265,000 for the Times.
The sale needs to be approved, but barring any problems, the article mentions that the theaters could re-open later this summer.
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