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.
More top news
Further sunny and warm weather will follow by late afternoon.
It will be very warm, humid and sunny at first.
There will be a minute's silence at Birmingham Pride today in honour of those who lost their lives in the Manchester concert bombing.