Castle Cinema for sale at auction on Friday!

posted by kzirkel on April 19, 2006 at 6:43 am

PROVIDENCE, RI — The Castle Cinema is up for sale again, according to the Providence Journal:

The Castle Cinema appears headed for another season where the only drama is offscreen.

The Chalkstone Avenue neighborhood cinema is scheduled to be sold at a public auction at 10 a.m. on Friday.

The scheduled foreclosure sale comes less than four months after Anthony Gemma and his partners in Chalkstone Realty LLC sold the property to New Concept Entertainment Inc. on Jan. 6 in hopes that the new owners would reopen the three-screen theater.

As part of the deal, Gemma and his partners loaned the new owners $615,000 to buy the property.
“We haven’t gotten any payments since then,” Gemma said in a phone interview yesterday. “We’d like for another buyer who’d be willing to keep it as a movie theater.”

The Castle, built in 1925, was among the last of a generation of neighborhood movie theaters, most of them driven out by shopping mall multiplexes where tickets and popcorn can cost as much as dinner out.

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