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West Cliff Hall in Ramsgate has been sold at auction for more than double the starting price.
This former theatre and concert hall went under the hammer at Clive Emson Auctioneers for £225,000.
Vacant for more than a decade the 9,194 sq.ft building has fallen into disrepair prompting cash-strapped Thanet District Council to earmark it for asset disposal.
Community group Project MotorHouse campaigned to restore the building, located at the Paragon, back to its former glory but could not raise the thousands needed in time to save it.
The charity submitted exciting ideas for the building's use including two state-of-the-art cinemas, a restaurant, a cafe and bar plus a an outdoor theatre space.
Rents from the anchor tenants would have funded their youth and community projects and won high-profile supporters including Ramsgate actor, Brenda Blethyn.
At the same auction the Western Undercliff toilets and cafe were sold for the £100,000 asking price.
Thanet council has several heritage properties, including the Tudor House and Margate Museum, which will be disposed of due to high maintenance costs.
The authority plans to sign them over to community groups.