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After closing, the building was nearly demolished. It was sold to the [[City of Pensacola]] in 1984 for $95,000. Architects [[J.P. MacNeill|J.P.]] and [[Michelle MacNeill]] bought the theatre theater in 1997 for $25,000, renovated it, and converted part of it to a 1,920 sq.ft. apartment.<ref>[http://www.escpa.org/details.asp?qAcctNum=130853000&qSection=&qTownship=&qRange=&qSubdivision=&qBlock=&qLot= Escambia County Property Appraiser record]</ref> It was sold again in 2004 for $425,000 to [[Tim Hogan]], the current owner, who has stated an intention to reopen the Rex as a "high-tech, retro-themed" venue for movies and concerts.<ref>[http://inewsloadedgun.blogspot.com/2006/07/rex-returns_05.html Loaded Gun, July 5, 2006]</ref> However, further renovations are still needed to bring the building up to code, and [[as of 2007]] the Rex has not reopened.