Producer Schloss exits Broadway
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After three costly flops in a row -- 2003’s revival of “Wonderful Town,” 2005’s revival of “Sweet Charity” and now “Grey Gardens,” which closed Sunday despite critical praise and a Tony Award for stars Christine Ebersole and Mary Louise Wilson -- money manager Edwin Schloss says his 33-year side business of investing in Broadway shows is over.
“I felt wounded by the experience,” the balding 57-year-old said of his experience co-producing the $5-million commercial failure. “If a serious musical like ‘Grey Gardens’ can’t make it, I feel producing quality is an exercise in masochism.”
He backed some 15 Broadway and off-Broadway shows since his first venture, putting $1,000 into the 1974 revival of “Gypsy.” Some made money, but the stakes have gotten higher.
“If you make a mistake on a stock, most of the time you get 70% back,” he said. “With a show, it’s all or nothing.”
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