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NEW ORLEANS -- The Orpheum Theater has been shuttered since Hurricane Katrina, but there's news that it could finally be back on the road to re-opening.

Late Thursday, Roland von Kurnatowski and Dr. Eric George, the co-founders of the Tipitina's Foundation, announced that they are buying the theater.

Their plan is to fully renovate the historic theater and reopen it sometime next spring.

The estimated price tag for repairs is $10 million.

Von Kurnatowski said that they also have a working understanding with the Louisiana Philharmonic Orchestra to return to its former home.

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