North Shore Sold

A Rhode Island theater owner plans to buy the defunct North Shore Music Theatre in Beverly and reopen for performances by spring.

William Hanney tells The Salem News he has signed a purchase and sales agreement with Citizens Bank to buy the property and expects to close the deal soon. Citizens bought the theater at auction last month for $3.6 million.

The 54-year-old facility went out of business in June under $10 million in debt. The property, including 26 acres and three buildings, is assessed at $12 million.

The city has scheduled a hearing for Dec. 10 on a request by Hanney to continue to operate the property as a theater.

Hanney owns Theatre by the Sea in the Matunuck section of South Kingstown, R.I., as well as 10 cinemas across New England.