The 450-seat Bucks County Playhouse in New Hope had gone into foreclosure and closed in late 2010 after more than 70 years in business, during which Grace Kelly, Robert Redford, Bernadette Peters and other big names performed there.
On Monday, the theater was purchased as part of a coordinated effort involving a group called the Bridge Street Foundation, Broadway producer Jed Bernstein and Bucks County Playhouse Conservancy founder Peggy McRae.
The Intelligencer of Doylestown reports the foundation says in a statement that it hopes to have the theater ready for the 2012 summer season. The Philadelphia Inquirer reports that the building was purchased for less than the $2.1 million asking price.
