Hundreds of local residents have been pouring into the historic Orpheum Theater the last few weeks in order to catch one of the last shows.

This weekend's book festival at the 92-year-old theater likely represents the last chance for the public to get inside the theater for the foreseeable future. Months of low-key negotiations between the Orpheum's current owner Roger Fontanini and the production company, which has poured roughly $500,000 into improvements at the former downtown movie house, have failed to produce a deal.

The two groups had signed a tentative agreement earlier this week, but the deal fell apart at the last minute, said Chris Scully with The Orpheum Presents.

"We were very hopeful that this deal was going to happen and I just got word this morning that it is not going to happen," he said on Thursday.

Financing to purchase of the theater was an issue for one of his new partners, Scully explained, but he did not elaborate.

While neither party disclosed how much the deal was worth, the first round of negotiations between Scully and Fontanini failed late last year over a difference of $300,000.

At the time, Fontanini's asking price of $1.1 million, and the men behind The Orpheum Presents were only willing to pay the appraised value of the theater: $830,000.

Fontanini confirmed he accepted a new offer from Scully and his new partners this week, but declined to disclose exact details.

"It was far less than I thought the building was originally worth," he said.

Fontanini said he didn't know anything about problems with the deal on Thursday afternoon, but said the Orpheum sale had been contingent on financing.

No other buyers have stepped forward so far, said Fontanini.

Scully said a new investor might be able to come in at the last minute, but at the moment the possibility seemed bleak.

"There may be some private individuals who may be interested in coming in and helping us to put this deal together. But there is nothing firm or confirmed in that deal," he said.

Scully said it will be hard to move out of the theater he and his two business partners, Art Babbott and Turney Postlewait, transformed into the premier Flagstaff location for indoor concerts.

Over the years, TOP brought big-name talent like Lucinda Williams and Rob Zombie to Flagstaff.

Without a deal, Scully will start to take down the signed photos, rip out the seats and remove expensive audio equipment early next week.

"We will be moving our stuff out on Tuesday unless something miraculous doesn't happen pretty quick," he said.