GREY GARDENS Will Lose Its Entire Investment

[Wanna Be A Foster]

Posted: 7/3/07 at 10:30am

GREY GARDENS, one of the most critically acclaimed musicals to open on Broadway in the last year, will close on July 29 after just nine months, its producers announced yesterday. On track to lose its entire $6 million investment, the show is the latest casualty of a season that was great for art but brutal for investors.
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After failing to recoup any of their money, producers decided last week to close rather than underwrite the high cost of replacing Tony Award winner Mary Louise Wilson, who was scheduled to leave at the end of the month. They were pessimistic about the quirky, plot-heavy show's ability to attract summer crowds.

``It's not really a tourist show,' Edwin Schloss, a money manager and ``Grey Gardens' producer, said in an interview yesterday.
GREY GARDENS Folds

Updated On: 7/3/07 at 10:30 AM

[theaterkid1015]

Posted: 7/3/07 at 10:33am

Ok, seriously, I'm about to cry.

Does that make me a "Grey Gardens" fangirl?

[ThankstoPhantom]

Posted: 7/3/07 at 10:35am

It doesn't surprise me. I'm sure that producers were pouring in extra money for the majority of the weeks to cover costs.

[Dirty_Rotten_Guy]

Posted: 7/3/07 at 10:37am

Ouch, that really sucks

I expected them to at least make a little money, but to lose its entire investment after almost a full year?

Wow, I feel sorry for those investors. I respect them for putting in money for such a beautiful show- probably knowing they'd lose money.

[BJC899]

Posted: 7/3/07 at 10:40am

They probably initially invested because of Ebersole...but it hurts me to see this happen. Investors will be more weary in the future to go ahead with original shows. Hopefully they saw the impact of the show on audiences and how original material is still welcomed on Broadway.

[theaterkid1015]

Posted: 7/3/07 at 10:43am

Y'know, maybe they can save the show.

All the songs will happen in Little Edie's head and they'll all pull out microphones from under their headscarves when they begin to sing.

[Princeton78]

Posted: 7/3/07 at 10:48am

They wanted Tonys and hoped it would boost the Box Office. They should have closed long ago...Ebersole and Wilson probably still would have taken the awards and they'd have a bit more cash in their pocket.

[WithoutATrace]

Posted: 7/3/07 at 10:50am

I can't say I'm surprised...honestly, when this first announced the transfer to Broadway, I thought it would close at the end of 2006. I had a feeling it would not really attract tourists, and considering they lost their entire investment, maybe I was correct. Still, I considered it high art and thought it was a brilliant night at the theater. I am thrilled that it lasted through the end of July and that a lot of people got to see Christine and MLW's performances (both of which were brilliant) and I'm glad I will have seen it three times, including the closing performance.


"Y'know, maybe they can save the show.

All the songs will happen in Little Edie's head and they'll all pull out microphones from under their headscarves when they begin to sing."

theaterkid1015, I laughed out loud when I read this. Thank you!

[GYPSY1527]

Posted: 7/3/07 at 10:50am

That is such unfortunate news. I didn't actually realize that they hadn't recouped any of their investments.

[Wanna Be A Foster]

Posted: 7/3/07 at 10:52am

I honestly do not think investors will shy away from putting money into artistic musicals like this in the future. The type of people that are willing to put money into a show like GREY GARDENS, or WELL, for example -- and there are plenty of them -- are not looking to make money. They are looking to have a hand in changing the face of Broadway. And GREY GARDENS made a huge mark in Broadway history that will often be referred to and taught about for years to come. It's not a show that can be easily forgotten. And in that regard, the investors have succeeded.

[massofmen]

Posted: 7/3/07 at 10:55am

this sucks.
it sucks because investors will see this, regular investors, and decide that commercially viable theater is the only way to go.
Look at Spring awakening. It still has running costs of $400,000/week and its a 6 million dollar musical. Its not close to recouping yet and the thing won how many tony's including best musical?
This is mainly sad for the "state" of broadway. And by "state" i mean integrity of art. I think we shall be seeing more and more movie musicals and "safe" musicals as investors, I am sure, are becoming increasingly wary of putting money into something that is not a big splashy piece of presentational theater.
Why do you think it took 30 producers to get Spring Awakening on the Great White Way? Cause each one of them raised $200,000.

I am not overly sad for the actors, I am not overly sad for the stage managers/crew who lost their jobs. They all had a nice run, and received health insurance for the next year. They also have this on their resume' and money in the bank.
I am sad that it seems that this is a sign of the times. And with Mel "greedy" Brooks deciding on 450.00 tix for a SHOW, it looks like it might be all downhill from here.

Sorry to be debbie downer on this one.

[WithoutATrace]

Posted: 7/3/07 at 10:55am

Thanks for writing that, WBAF. I certainly hope you are right.

It is just very upsetting that GG will go down in the history books as a flop musical - one that did not recoup.

[Katecab99]

Posted: 7/3/07 at 10:58am

"a season that was great for art but brutal for investors"

very true, and very unfortunate!

[jv92]

Posted: 7/3/07 at 12:18pm

Not a surprise, but sad.

[professor]

Posted: 7/3/07 at 12:56pm

"And GREY GARDENS made a huge mark in Broadway history that will often be referred to and taught about for years to come."

I love Grey Gardens-- but isn't this a bit of an overstatement?

[me2]

Posted: 7/3/07 at 12:56pm

The good news is that it lost less than TARZAN, THE PIRATE QUEEN, SWEET CHARITY, BELLS ARE RINGING, and how many other shows. At $6 mill, they got off easy.

Broadway is a risk, and it always will be . . . for the "daring" shows and the "sure-fire" hits.
Broadway Blog: The Road You Didn’t Take to Broadway (the Hollywood detour debate)

[My Oh My]

Posted: 7/3/07 at 12:58pm

"Ok, seriously, I'm about to cry.

Does that make me a "Grey Gardens" fangirl?"

Not unless you hold a candlelight vigil outside the Walter Kerr.

[broadwaybaby86]

Posted: 7/3/07 at 12:59pm

Personally, I never liked it. It was tooo boring. And like you said, Grey Gardens was not a tourist show. Only the theatregoers go to see it, and that's not enough to keep a show going.

[Katecab99]

Posted: 7/3/07 at 1:09pm

"Only the theatregoers go to see it, and that's not enough to keep a show going."

Clearly - if it were, Company would not have closed Sunday and Grey Gardens would be enjoying a much longer run.

[VIETgrlTerifa]

Posted: 7/3/07 at 1:12pm

Personally, I never liked it. It was tooo boring. And like you said, Grey Gardens was not a tourist show. Only the theatregoers go to see it, and that's not enough to keep a show going.

And I take it that you prefer it that way.

[theaterkid1015]

Posted: 7/3/07 at 1:57pm

professor, I think it's not an overstatement.

It might not go under the heading of revolutionary, but it had two performances by leading actresses that will probably go down as legendary. It was the first musical based on a documentary. And, it's a good example of a show that's an artisic and critical success, while still being a financial failure. (There are other examples of this same kind of show, but this just another one that could be used)

[dbarono2]

Posted: 7/3/07 at 2:01pm

oh that's terrible.

[unckristen]

Posted: 7/3/07 at 2:12pm

It is unfortunate. It was written a few weeks ago that the show hadn't recouped a penny and I had hoped at the time that the statement was an exaggeration but I guess not. It's unfortunate -- Grey Gardens was a beautiful show highlighted by some amazing performances. It deserved a larger audience. Hopefully, something can come together for the show to live on through DVD.

[Bettyboy72]

Posted: 7/3/07 at 2:21pm

Do investors get any piece of the royalties from licensing and future productions? Also, I think this speaks to the need to record all shows and release on DVD. It would defray the cost of the production and create extra revenue. For instance, many films that "bomb" re-coup via DVD sales. I think it is time for a change.

[violet72]

Posted: 7/3/07 at 2:27pm

I think down the road in history they will look back and talk about the legendary performances by Ebersole and Wilson...it's a shame that good shows that don't recoup are seen as a flop