Downtown Theater Up for Sale

A cornerstone of downtown Beverly - the Cabot Street Cinema Theater - is for sale.

The theater was put on the market on Wednesday with a list price of $1.35 million. Movies will continue to be shown at the theater while it is on the market.

It last changed hands in 1976 when Cesaro Pelaez bought it. The theater was the home of Le Grand David and his own Spectacular Magic Company for 35 years.

The search for a buyer will involve a "significant marketing effort," said the listing agent, Joanna Dresser of LandVest.

"We've got to try to be as creative as possible," she said.

The sale of the theater was announced in a letter to the magic show's supporters that, in part, read:

"With the death of our founding director, Cesareo Pelaez, in March 2012, and the retirement of Le Grand David three months later, the original aim had been realized in full. We now feel the time has come to relinquish our stewardship of the Cabot Street Cinema Theatre and to present the opportunity to someone else, perhaps with a new vision, to helm this worthy vessel. It has been a profound privilege to be custodians of this wonderful vintage theater for the past 37 years."

When the magic show's run came to an end, it was considered the “the longest-running stage magic show" in the world.

Dresser said she has sold several unique properties, including Boston Yacht Haven in Boston for $13 million that she said was an "interesting and unique site" but never a theater.

In addition to the theater, there are two retail space along Cabot Street with about 800 square feet each with a second floor that could also be used for retail or office space.

The theater is a vestige of a bygone era, with its frescoes, filigrees, a 43-foot gold dome and bronze chandelier, according to LandVest.

It was once described as “the most impressive auditorium of its size east of New York" by Variety magazine, according to LandVest.

It is one of just three remaining theaters in operation that was designed by the Boston architectural firm Funk and Wilcox, in addition to the Strand Theater in Dorchester and the Somerville Theater.

The future use would, of course, be up to the new buyer, Dresser said.

"We hope that it will remain a theater, either a cinema, live theater or both," she said.