Beyonce and Jay Z apparently aren't investing in an iconic Chicago theater after all.
Rumors lit up the internet Wednesday about the power couple purchasing the New Regal Theater, according to entertainment news site Gumbumper.
Jet Magazine reported the South Side theater was purchased for $250,000. The FDIC confirmed the building is under contract but would not confirm on the record the celebrities were behind the deal.
A source familiar with the deal who wished to remain anonymous because of the pending sale, however, said the Beyonce and Jay Z rumor is inaccurate.
The 2,500-seat landmark theater opened in 1927 on East 79th Street as the Avalon Theater and was closed in 2003 by its previous owners after seeing the theater lose money for years.
The New Regal once hosted the likes of Nat King Cole, Billie Holiday, Etta James and Miles Davis.
Gumbumper says the space could once again be used for entertainment.
It's not Jay Z's first visit to the South Side. On the "Watch The Throne" album with Kanye West -- who is from the South Side of Chicago -- Jay Z raps, "Made a right on 79th, I’m coming down South Shore Drive" on the song "Gotta Have It."
When the tour hit Chicago, Jay Z and Kanye created a stir during a surprise visit to the neighborhood, shooting footage that was used when the song was played at the concert.
