101006 — It took two auction tries, but the former Meadville Cinemas building and business, at 952 Park Ave., apparently has a buyer through eBay, the Internet auction site.
“We should have a signed sales agreement this week,” said Clint DeMarsh, vice president of Epic Theatres of DeLand, Fla., the theater’s current owner. “We’re hoping to close within 60 days.”
The winning bid was $119,100 by “jonridecoasters” and was one of only two received, according to the bid history listed on eBay. The only other bid was for the listed minimum of $119,000 by “bndenterprise.”
DeMarsh declined to reveal the identity of the winning bidder for the four-screen theater.
Attempts to contact the winning bidder through eBay’s message center were unsuccessful.
“I know he’s a theater operator and he likes the Meadville market,” DeMarsh said. “He’s securing financing (for the project). We’re not offering financing.”
The four-screen theater closed in late April and went for sale on eBay’s real estate section in May.
However, in an interview in April, Frank DeMarsh, president of Epic and Clint DeMarsh’s brother, told the Tribune that The Movies at Meadville, a 10-screen first-run movie theater complex that opened in September 2005 in Vernon Township, was a factor in the closure.
Jon Goldstein, general partner of The Movies at Meadville, said Monday he welcomed the competition, but “I don’t know how they’ll make it work.”
“If I would have thought there was a reason to buy it, I would have bought it,” he said.
Epic’s original asking price for the business and 9,600-square-foot building was listed on eBay at $180,000 — $120,000
for land, building and seats with another $60,000 for theater equipment. The property got some offers, but Epic wanted an outright sale.
It went to an auction format for 10 days Aug. 19 with an unnamed reserve — or minimum — bid. However, it only received six bids then and the highest was $75,100.
It then went back up on an eBay auction with a minimum of bid of $119,000.
The Meadville Cinemas began in 1968 at its current 952 Park Ave. site when Chester DeMarsh, Clint’s father, built a two-screen theater. It was modified to four screens in 1985.
It had shown first-run movies until January 2006 when it switched to “subsequent run” movies all the time at $1-a-seat for every showing. Subsequent-run movies are ones that have been out for several months and then can be offered at discount prices. The staff was also reduced from about 12 to four during the transition.
The theater then closed following its April 27 showings.
Keith Gushard can be reached at 724-6370 or by e-mail at kgushard@meadvilletribune.com
Local News
Winning online bid for former cinemas is $119,100
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