The Electric, Port Bristol’s oldest movie theater, was recently listed for sale with a local real estate company. The listing isn’t a surprise following the death of owner Theo Goldstein, but many citizens have expressed concern over the possibility of another landmark falling prey to new development.
Since opening its doors in 1953, The Electric has remained open seven days a week, featuring not only the newest blockbusters but also cult classics and regular film festivals. The new owner, Mr. Goldstein’s son Roger, spoke with the Bristol Beagle regarding his decision to put the property up for sale.
“With dwindling sales and an excessive surplus of candy and popcorn, I’d be crazy to hang on to this place. Sure, it has a lot of great memories. I worked the snack counter all through high school, and I used to help my dad with the festival line-ups. But in the end, I’m paying rent at a storage facility to house a hundred drums of popcorn kernels and about a thousand boxes of Sugar Babies after Dad spent three months’ worth of profit on bulk orders, and no one’s showing up to watch movies and buy concessions to pay for the extra expense,” Roger Goldstein informed our reporter.
Listing information for The Electric reveals the property is being offered at $2.5 million, well above current market value. Records dating from 1953 show that the theater and the property on which it sits were originally valued at $50,000.
Any developer interested in the property will need very deep pockets, and that may be the only thing that saves The Electric.