The Leicester Haymarket Theatre, which closed in 2007, is costing the council £150,000 a year on a lease that has another 60 years to run.
Leicester City Council is now hoping to find a developer by advertising the property online for a price in the region of £500,000.
If the council continues to lease the property, the final cost will total £9m.
The theatre was once considered one of the country's top provincial theatres, attracting stars like Anthony Hopkins and Peter O'Toole.
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Remaining dry overnight with lengthy clear periods.
Leah Washington, 17, had to have her left leg amputated after being trapped for hours on The Smiler rollercoaster at the theme park.
Fine and dry this evening and overnight with showers on Sunday afternoon.