WHEELING, WV (CelebrityAccess MediaWire) — The sagging real estate market and the credit crunch have dimmed the once bright prospects for the sale of the Capitol Music Hall in Wheeling, West Virginia.
According to the Intelligencer, there have been no offers to purchase the Live Nation-owned theater since local entrepeneur Dr. Manny Velez and his partners walked away from the deal late last month. Real estate agent Carl Nix remains positive however "I am optimistic that it will eventually be sold, but I am not sure about a price or a time frame," he told the Intelligencer.
He is less sure that the theater is priced to move as it currently is however. With an 850,000 price tag, the theater might seem like a bargain except for the upgrades that would be required to bring the building up to code, upgrades which by some estimates may cost as much as $5 million.
Among the 23 safety code issues currently facing the building is the lack of an adequate sprinkler systems as well as electric and lighting upgrades.
Nix has been trying to sell the venue on behalf of Live Nation and any change in the asking price for the music hall would need to have the promoter's approval. – CelebrityAccess Staff Writers