NEW HOPE, Pa. (CBS) - Efforts are underway in Bucks County to try to save the historic Bucks County Playhouse which is now in the hands of a bank following a sheriff’s sale late last year.

The future of the New Hope playhouse is cloudy after the bank turned down an offer from a major investor who was looking to rescue the financially struggling theater. Several parties have been vying for the property but Stonebridge Bank appears to be holding to its asking price of just under $2.8 million. Bucks County Commissioner Rob Loughery wants the county to explore some options for saving the building.

“It’s an important piece of history in Bucks County; it’s an important building, not just the value that it means to New Hope but really to the region and for the arts and culture in general,” said Loughery.

The 450-seat theater needs extensive rehab work meaning whoever would step up and buy the property would still need to pump additional cash into the project just to open the doors. Those connected to the arts community are worried the character of the town will be lost if the building deteriorates.

Reported by Brad Segall, KYW Newsradio