The Civic Theater in Akron, OH, USA very nearly suffered this same fate. Fortunately, it was purchased and restored and is a popular venue for concerts, plays, and other live performances. You can also take a "haunted" tour...if you dare!
I doubt when the owner built this place as a luxury hotel he ever pictured it like this. He probably never thought words like "abandoned" "ruined" and "haunted" would describe his Halcyon Hall.