Ridglea Theater owners avoid foreclosure

Texas Foreclosure & Market News

By SANDRA BAKER sabaker@star-telegram.com

Article Abstract:  One landmark Texas foreclosure was barely averted.  The Ridglea Theater on Camp Bowie Blvd. was facing foreclosure for back taxes.  The current owner has since put together a payment plan to pay the 2006 taxes and doesn’t foresee any future trouble.  The full Texas foreclosure article is below.
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FORT WORTH — The owners of the historic Ridglea Theater on Camp Bowie Boulevard averted a forced sale of the property by paying their 2005 property taxes late Monday afternoon, the county’s top tax official said Tuesday morning.

A representative with the R.K. Maulsby Family Trust, owners of the Ridglea Theater, 6025 Camp Bowie Blvd., paid $7,859 in back taxes, penalties and interest at the law office of Linebarger Goggan Blair & Sampson, said Betsy Price, Tarrant County’s tax assessor-collector.

The law firm represents the city of Fort Worth, Tarrant County, Tarrant County College District and the Tarrant County Hospital District in delinquent tax cases.

The representative also paid $10,000 to the law firm of Perdue Brandon Fielder Collins and Mott, which represents the Fort Worth school district. The figure covered what the Maulsby Trust owed for 2005 and a portion of its 2006 school taxes, which were due earlier this year.

Price said the Maulsby Trust has worked out an installment plan to finish paying its 2006 taxes. It has owned the property since 1991.

The trust owed more than $43,000 for 2005 and 2006. It was sued in November by the taxing entities for the back property taxes. A state district judge in March authorized the sale of the property, to have been done Tuesday morning, if the taxes were not paid.

The theater is leased by a company that operates the former cinema as a rock music venue.

The Tarrant Appraisal District values the building at $817,114 for taxing purposes.

The theater is part of the Ridglea Village shopping centers developed in the 1940s and 1950s by the Luther brothers, who developed most of the surrounding Ridglea neighborhoods as well as other shopping centers on Camp Bowie Boulevard. The theater opened in 1950 and features a tower that serves as a marquee signpost for the development.

Article Source http://www.star-telegram.com/189/story/87266.html