Suburban Bank and Trust has entered an agreement to list the Wheaton Grand Theater with two former Wheaton residents for $599,000, commercial banker Rob Siegel said Friday.
Cousins Dave Brumfield and Noel Williams, both with Century 21, will market the property at 119-127 N. Hale St. locally, regionally and nationally and also explore a land development option, said Siegel.
"Hopefully with them at the rein, we'll have some success," he said.
After a developer's contract on the property fell through last month, "We decided it would be best to enter into a professional real estate broker," Siegel wrote in an email.
Wheaton Mayor Mike Gresk told Patch in March that the future of the theater "comes down to the money." He said previous potential buyers have not been able to come up with the funds for the 1925 theater.
The future of the 1925 theater has been a topic of discussion and debate since it closed in the late 90s. The theater showcased vaudeville performers and silent movies when it first opened. On opening day, May 25, 1925, there was a showing of a romantic drama, "The Dressmaker from Paris," starring Sally Rand.
Voters decided against an advisory referendum last spring, which asked whether the city should contribute taxpayer money for the restoration and operation of the theater.