Dollar Bank Sells August Wilson Center to Three Pittsburgh Foundations
Submitted by Steve on November 7, 2014
From Mark Belko, Pittsburgh Post-Gazette:
Two days after being sold unceremoniously at sheriff’s sale, the August Wilson Center for African American Culture ended up in the hands of three local foundations, its future seemingly secure for the first time in at least a year. Monday’s high drama gave way Wednesday to the ending most had been expecting — with the Pittsburgh Foundation, the Heinz Endowments and the Richard King Mellon Foundation taking control of the Downtown real estate with the intent of preserving the center’s mission as a focal point for African American art and culture.
The consortium purchased the building for $7.9 million from Dollar Bank, which bought it at sheriff’s sale Monday for $1,912.50 in taxes and costs when the plan to sell it to the foundations at a judicial sale collapsed last week. Dollar held the delinquent $7.9 million mortgage to the property.