Historic Chicago theatre sells for $3.25M

July 29, 2008 5:06:44 PM PDT
Chicago's historic Uptown Theatre has a new owner.It was bought at auction Tuesday for $3.25 million by a company owned by Jam Productions.

The 4,300-seat, 4,600 square-foot theatre was built in 1925 but hasn't been used since the 1970s.

The building needs extensive renovation. That work could cost up to $40 million.

The sale is due took place at the Judicial Sales Corporation Tuesday morning.