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Ridglea Theater escapes foreclosure

FORT WORTH -- The historic Ridglea Theater on Camp Bowie Boulevard will not be sold in a foreclosure sale Tuesday.

Los Angeles-based Wilshire State Bank last week received full payment of the $975,000 loan that the R.K. Maulsby Trust owed. The family trust was in arrears on the loan it took out with the bank in May 2003.

“Wilshire Bank got paid off,” Thomas Colven, a Dallas lawyer representing Wilshire in the foreclosure, said Monday morning. “No foreclosure sale tomorrow. We’ve been paid in full.”

According to deed records, the Maulsby Trust refinanced the property and was able to pay off the loan with a $1.1 million loan it obtained last week from FixFunding, a private real estate lender and investment company in Dallas.

The Ridglea Theater, 6025 Camp Bowie Blvd., was built as part of the Ridglea Village Shopping Center several decades ago. The theater opened in 1950. Since 1999, it has been leased by a company that operates the building as a rock-music venue.

This was the third time that the Maulsby Trust, owner of the Ridglea Theater since 1991, has faced foreclosure proceedings. In April 2007, the owner paid more than $40,000 in back taxes to stave off foreclosure, and in October, an Aledo investor sought repayment of $110,000 it loaned the Maulsby Trust.