The Balboa Theater may finally be ready for its close-up.
Since it opened in 1928, the theater at 707 East Balboa Blvd. on the Balboa Peninsula has served as a vaudeville house, first-run movie theater, and a Pussycat theater. It was a revival house showing classic films (including midnight screenings of the “Rocky Horror Picture Show”) when it closed in 1992.
As a longtime local, I was a regular at the Balboa Theater. I attended so many midnight screenings of “Rocky Horror Picture Show” that I could sing along (as did many audience members). I enjoyed screenings of John Waters movies, Andy Warhol films, and classics such as “Citizen Kane.”
In 1998, the city purchased the property with Community Development Block Grant funds and leased it to the Balboa Performing Arts Theater Foundation, which hoped to convert the aging theater into a multi-use facility for dance, music, theater, and film presentations.
In 1999, philanthropists John and Donna Crean gave the Balboa Performing Arts Theater Foundation $1 million. Numerous smaller donations over the ensuing years helped pay for a small staff that tried valiantly to raise the additional support needed to refurbish the theater.
Raising money to reopen the Balboa Theater, which had fallen into disrepair with a leaky roof and dilapidated interior, proved to be a bigger challenge than anyone expected. Several attempts were made by a series of Foundation CEOs.
From 2005 to 2007, I was part of the Foundation staff that tried to gather community support. We cleaned up the interior and constructed a wooden deck to hold fundraisers, trying to convince potential donors that the project had merit.
It was a hard sell. I’ve been on the theater’s roof inspecting the rotting wood, and wondered how the interior would ever be brought up to code.
Finally, in 2016, LAB Holdings bought the property from the city. In 2018, a proposal to renovate the theater was submitted to the Newport Beach Planning Commission but then withdrawn.
For the past eight years, the empty Balboa Theater sits as a reminder of what once was, and what could be.
Historic Balboa Theater Sold to Real Estate Investor
Now, nearly a century after opening, the Balboa Village landmark is changing ownership with plans for restoration and a deed restriction that preserves its connection to the performing arts.
Coastal Commercial has announced the successful sale of the historic Balboa Theater. The sale closed on Friday, Oct. 23, 2026.
The property was sold by a local family office to a local private real estate investor who intends to restore the theater. Coastal Commercial represented the seller, while Christian Emerson of The Oppenheim Group represented the buyer.
According to a press release from Coastal Commercial, a unique component of the recent transaction was a deed restriction intended to preserve the property’s longstanding connection to entertainment, culture, and the performing arts.
Under the restriction, the property must continue to be used for theatrical, cultural, event-related, or performing arts purposes. Ancillary commercial uses are also permitted, providing flexibility for complementary businesses and activities that support the property’s future operations.
The restriction establishes a framework for the property’s future use while helping maintain its historical identity as an entertainment and cultural destination within Balboa Village.
“It is great to finally see the Balboa Theater enter a new chapter,” said Nathan Holthouser, President of Coastal Commercial. “Historic theaters can be challenging properties to own and restore, and the people who take on these projects often do so because they have a genuine passion for making a meaningful contribution to their communities.”
“Everyone involved is excited to see what comes next for this historic theater in the heart of Balboa Village,” Holthouser continued. “I wish the new buyer tremendous success in this endeavor, and I will personally be cheering them on from the sidelines.”
“The buyer has a long history of restoring historic landmarks across California, and this family is the right one to take on the Balboa Theater,” said Christian Emerson, Commercial Team Lead at The Oppenheim Group, who represented the buyer. “Our goal is to bring it back to its former glory as a theater with an elevated restoration.”
Coastal Commercial is a Southern California commercial real estate brokerage specializing in commercial leasing, investment sales, property management, and advisory services. The firm represents property owners, developers, and tenants throughout Orange County and Southern California. For more information, visit: www.coastalcommercial.com.
The Oppenheim Group Commercial Division takes a luxury, white-glove approach to commercial real estate. See www.ogroup.com/commercial.
