A historic theater in Marshalltown, Iowa, has been sold for less than the cost of a movie ticket.
The Marshalltown Community School Board approved a letter of intent Tuesday to buy the Orpheum Theater for $1.
The Iowa Valley Community College District is the current owner, and the sale will ensure the theater, built in 1948, will serve both students and the community for years to come.
The school district will take ownership of the theater in June 2022.
"Essentially, it was a gift from Iowa Valley Community College District to the [Marshalltown] school district, selling it for $1," Theron Schutte, the superintendent of the Marshalltown Community School District, said. "The value inherent in that is there's a strong feeling that our school district will continue to sustain this facility to the highest standards for both educational and community use purposes."
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