The historic Ioka Theatre in Exeter has sold at auction and will remain a community theater offering movies and performing arts.

The theater sold for $600,000 at a foreclosure auction on Dec. 1. The buyer has not yet been revealed, but Exeter resident Carol Walker Aten described him as a Seacoast philanthropist. Aten, a former member of the nonprofit Exeter Theater Company that originally formed to support the theater, will now be working for the new owner of the Ioka. The owner is currently out of the country, and Aten is not sure when they will reveal his name.

But Aten confirmed the new owner intends to keep the Ioka a venue for movies, concerts, dances and other events. A substantial amount of work still must be done on the building, including the installation of a sprinkler system. Aten said they would soon be meeting with the Exeter Fire Department to find out their requirements.

Former owner Roger Detzler closed the Ioka in December 2008 and later began using the lobby as a diner called Ioka Café, with a downstairs club called 48 Below. The 400-seat theater is more than 95 years old. 

Aten could not offer an estimate on when the Ioka would reopen. She said the owner still must go through inspections, draw up specific plans and gather community input. She hoped to know more by the end of the week