Liberace Foundation files for bankruptcy protection


The memory of one-time Strip headliner Liberace took another step toward obscurity on Wednesday as the Liberace Foundation for Creative and Performing Arts filed for Chapter 11 bankruptcy protection.

Court papers contained very few details as to the cause. The only debt listed was $1.3 million owed to US Bank for a mortgage on the East Tropicana Avenue strip mall that formerly housed the Liberace Museum.

The asset sheet did not list a value on the property or whether the foundation owned the entire mall. The major value was in his collection of pianos, personal effects and stage costumes assessed at $13 million.

The papers did not mention an endowment, which has been used to fund more than 2,700 music scholarships since 1976.

The museum closed two years ago after steadily declining admission and shop sales caused operating losses, forcing administrators to dip into the endowment to keep the doors open.

Court papers did not spell out how the foundation plans to reorganize.

Contact reporter Tim O'Reiley at toreiley@reviewjournal.com or 702-387-5290.