BEVERLY (AP) – Citizens Bank was the top bidder for the bankrupt North Shore Music Theatre, winning a foreclosure auction with a $3.6 million offer.The auction Thursday didn’t feature any dramatic rescues by another theater, as some supporters had hoped.Instead, Citizens retains control of the property as it tries to recoup $4 million it’s owed on two mortgages.The 54-year-old theater went out of business in June under $10 million in debt. The property, including 26 acres and three buildings, is assessed by the city at $12 million.Citizens Vice President Gavin Taylor says he isn’t sure what will happen to the property.Former theater musical director Jon Kimbell says he remains hopeful the bank will lease the space to another theater producer.
Bank gets NSMT with $3.6M bid
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