The question of who will own the Fox theater going forward is now going to trial.
It's a complicated case involving a 99-year land lease signed in 1926. Fox Associates — led by Mary Strauss and the group to bring the Fox theater back to its grandeur — owns parts of the actual theater, and leases the land it's on from Foxland Incorporated for $40,000 a year.
With the lease expiring, Fox Associates wanted to extend the lease or purchase the land. but Foxland wants to buy the whole business outright or be compensated for the value of the business, not the real estate.
Fox Associates has already reached an agreement to put on Broadway shows at the Stifel Theatre downtown, although it's not saying if that's the official backup plan if they lose this case.
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