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On [[September 12]], [[1951]], Paramount Gulf sold the building to the [[First Building Corporation]], of which [[John C. Pace]] was president, to be leased as the new headquarters of the [[First Bank & Trust Company of Pensacola]].
{{cquote|Today more than ever I believe in the future of Pensacola. The city is showing growth and is on the threshold of great expansion. My associates and I are happy to have acquired the property for a new banking house and believe it is additional evidence of our confident belief in the further growth of this city.|20px|20px|[[John C. Pace]]<ref name="isissold"/>}}
Bricks from the theater were salvaged during a later renovation and are included in the floor of [[Seville Quarter]]'s "Phineas Phogg's" dance hall.