State Theatre Resold to Different Owner After Federal Judge Declares Auction Must Be Held

A man who thought he had a winning bid for the State Theater in Bay City isn’t happy with the outcome of an auction declared by a federal judge.

The theater was put on the market in June with a listed price of $483,000 after the theater’s Board of Directors declared bankruptcy in February due to a controversy over the theater’s finances. After a brief bidding period, James White of Boyne City was awarded the sale for $630,000 by a bankruptcy court appointed trustee, beating bids placed by Gregory Gracholski and Jordan Dice, owner of the Midland Mall and Saint Laurent’s Brothers candy store.

However, both men filed an objection in federal court, claiming the information provided about the bidding process was confusing and conflicting. They told Judge Daniel Opperman they would have placed higher bids given the opportunity to do so. Opperman gave them the opportunity by declaring an auction, with Dice coming out on top with a bid of $960,000. White says he should have been the one to get the building after beating out the other bidders twice, though Dice say he belives this porcess was more fair to the creditors who are owed money on the property.

Dice says he plans on restoring the theater and bringing it back into operation as soon as possible.