245 Valencia Purchase Details

Historical records show that Valencia Theater was purchased in March, 1928, for $47,743.05. The cost details are noted:

Accounting entries:

Escrow closed on the Valencia Theater April 1, 1928. In September, 1928, the Parish Council, then called "The Committee", approved funds for the renovation of 245 Valencia. The orginal loans with Hibernia Bank were refinanced and additional monies were borrowed to pay for renovation.

In 1936, Saint Sofia reorganized due to financial difficulties and the name was changed to Annunciation Church. The church was sold at auction to the Bank of Italy for $22,000 and later repurchased by the cathedral for the same amount.