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
Forecasts are predicting freezing temperatures over the weekend, with a possibility of snow and ice in the early part of next week.
There are around 6,500 people in the UK waiting for a transplant. Some of them will be matched to a suitable donor. Sadly, many won't.
Turning colder, but mainly dry with sunshine.