The mortgage lender who last fall foreclosed on the Milton Theatre has listed the property for sale. Delaware Community Investment Corp. is asking $450,000 for the structure and land in the heart of downtown Milton.

The property is listed as a “Historic Theatre Building,” in a Jan. 7 Prudential Gallo Realtors advertisement in the Cape Gazette.

The listing states the property features theater seating, stage, lobby area, restrooms and a wardrobe area.

The development corporation, DCIC, purchased the theater for $282,500 at a Sept. 21, 2010 sheriff’s sale in Georgetown. No other bids for the property were offered other than the one placed by the development corporation.

Doris R. Schnider, Delaware Community Investment Corp. president, could not be reached for comment.

In November 2009, Milton Development Corp., parent company of the Milton Theatre, defaulted on a mortgage of more than $1 million owed to DCIC.

The nonprofit theater group had been unable to pay the $6,000-a-month mortgage for the theater property and Victorian-era home a few parcels away. The parking lot mentioned in the advertisement is adjacent to and behind the home and also extends behind the theater.

The theater group purchased the home for about $600,000 and had intended to sell it but never found a buyer. Mortgage lender DCIC also bought the home for $137,500 at the same sheriff’s sale as that for the theater.

Information on the theater organization’s website states the group is still raising money and accepting pledges of cash donations to buy the theater without needing a mortgage.

A phone call to Mary Ellen Davis, acting president of the Milton Theatre board of directors, was not returned by press time.