Foreclosure auction for historic Bethesda Theatre fails to attract bids

Foreclosure auction: The art deco theater from 1938 underwent a $12 million renovation in 2007.

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    Foreclosure auction for a home in Long Beach, Calif is seen in this file photo.
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The landmark Bethesda Theatre could be on its last run.

The live-performance venue on Wisconsin Avenue failed to attract any outside bids at a foreclosure auction on Tuesday and was bought back by BB&T Bank for $2 million.

According to the terms of the auction, the 700-seat property must "be used for cinema or performing arts use." The bank and the theater's owner, the Bethesda Cultural Alliance, will decide what to do next.

Recommended: How to sell a house? Five reasons to auction it.

The theater opened as an art deco movie house in 1938. In 2007, it underwent a $12 million renovation.

The theater was put on the auction block after its owners defaulted on their mortgage when the economy soured.

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