Jay Z and Beyonce has just purchased the old Regal Theatre on 79th street in Chicago, IL for $250,000.

It has been closed for over a year  and after being restored with City TIFF funds, it still needs some additional work. I hear the plan is to bring entertainment back to the 2,500 seat venue here in Chicago.

The former owners of the New Regal Theatre, Edward and Bettianne Gardner, closed the theater in 2003 after losing money for several years. In 2008, the building was purchased by a group that included Ron and Regina Evans with the hope of reviving it as a cultural venue.] However, it has seen little use. The site did hold a party to celebrate Barack Obama’s presidential nomination acceptance speech in August 2008.

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