Melbourne Lord Mayor Nicholas Reece says he has scrapped plans to sell the City of Melbourne's share of the heritage-listed Regent Theatre.
The council owns 51% of the theatre, with the remainder owned by the state government, but Reece says public opposition to the plan changed his mind about selling the council stake.
The historic landmark Regent Theatre opened in 1929, survived a fire, a flood, 20 years in darkness and threats of demolition, before it was refurbished and re-opened in August 1996 by Marriner Theatres.
It is still run by the Marriner Group today and is estimated to be worth around $40 million.
During his mayoral election campaign last year, Reece announced he would sell the council's stake in the heritage-listed theatre. He said the funds would then be put towards a new version of the previously popular White Night festival and creative hubs across the city.
However, the Lord Mayor announced this week that he had changed his mind after significant public opposition.
"I completely underestimated the passion, the strength of feeling that Melburnians have for the Regent Theatre and the important role that it has in the ecosystem of theatres and the arts scene in Melbourne," he said.
"I admit, I got it wrong…I've listened to the people, the passionate Melburnians and I'm dumping the plan to sell the Regent."
