Schermerhorn Symphony Center faces foreclosure - WKRN News 2

Schermerhorn Symphony Center faces foreclosure

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NASHVILLE, Tenn. -

The Schermerhorn Symphony Center is headed to foreclosure. The landmark is scheduled for auction on June 28 at 11 a.m.

Thursday evening, the Nashville Symphony held a community concert. More than 200 people attended.

Gordon Stannard, a concertgoer said he has showed financial support for the symphony for years.

"It is such a shame. Hopefully our community will rally around and realize what a gold mine we have in that hall. It is a beautiful, beautiful place," he said.

Bank of America issued the foreclosure notice saying it owes $83 million.

According to the organization's 990 tax filings, expenses exceeded revenue by $39 million between the fiscal years of 2009 and 2012.

Publicist Laurie Davis sent a statement to Nashville's News 2 that read, "Negotiations with the bank group are continuing, and the Symphony and its Financial Advisory Committee remain squarely focused on achieving a resolution that positions the Symphony for long-term stability."

She continued, "This is a highly sensitive and fluid situation and we cannot speculate on the outcome. Our preferred course of action remains to reach an agreement out of court."

Loyal supporters said the symphony center is a beautiful place to enjoy great music. They remain hopeful for a positive outcome.

"It has become such an asset to this city," said Mallory D'Elia.

Officials said the symphony will continue to perform as normal, despite what's happening.

The board hopes to reach an agreement outside of court.

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