Liberace Foundation Files for Chapter 11 Bankruptcy
October 26, 2012 | Read Time: 1 minute
The Liberace Foundation for Creative and Performing Arts filed for Chapter 11 bankruptcy protection this week, citing the debt burden of a 12-year-old mortgage on the former site of a museum dedicated to the flamboyant pianist and television star, the Las Vegas Review-Journal and Las Vegas City Life report.
While court papers listed assets including $13-million worth of pianos, costumes, and other personal effects of the entertainer, who died in 1987, the foundation said it has had cash-flow problems related to the $1.9-million property loan, which Chairman Brian Alvarez said carries a high interest rate and nonnegotiable terms.
The museum, which showcased Liberace’s career and its elaborate, glittering accoutrements, shut down two years ago.
In a statement, Mr. Alvarez said the foundation is in talks for a new museum site and expects to emerge from bankruptcy in a stronger position, in part due to renewed interest in the Liberace name via an upcoming feature film and New York musical about the showman.
