For the next seven decades,
through numerous changes in name and ownership, the Folly built a rich and colorful history. Her walls echoed with the sounds of laughter at Marx Brothers antics, cheers for Gypsy Rose Lee and Fanny Brice, and thunderous applause for Pinky Lee.
In 1973, worn out from seven decades of use and misuse, the Folly was sentenced to meet the wrecking ball. Bulldozers were ready to raze the building to make way for a parking lot.
As the death of the Folly neared, alarmed citizens, led by Joan Kent Dillon and William Deramus III of the Performing Arts Foundation, rallied to her rescue. The building was purchased and placed on the National Register of Historic Places. A million-dollar grant was secured, and a piece of history was saved.