1:18 PM CDT, June 27, 2012
An answer to a long-standing mystery finally was forthcoming today: What would the organization known as Chicago Muse do with the remaining proceeds from the sale of the Theatre Building Chicago, located at 1225 W. Belmont Ave., to Lukaba Productions?
The money, in excess of $500,000, is going to Chicago Shakespeare Theater, where it will be used for the development of new musicals under the auspices of Rick Boynton, a creative producer at the theater.
On Wednesday, the board of directors of Chicago Muse announced it would cease to exist as an entity, and would give a little over $500,000 to Chicago Shakepeare Theater as an endowment "in support of the theater's ongoing commitment to commission, develop and produce new musicals."
Much of the money from the 2010 sale of the venerable Lakeview venue was spent on a production of "The Story of My Life" at the Biograph Theatre, which did poorly.
Public records list the sale price of the building as $1,000,000.
In January 2011, Chicago Muse parted company with its executive director, Sean Cercone. Since then, it has essentially existed in name only.
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