Hip hop superstar couple Jay Z and Beyonce recently purchased the old Regal Theatre on 79th street in Chicago, IL for a mere $250,000, EBONY reports.

The old theater was closed for a year while undergoing renovations. Jay Z and Beyonce purchased the building after it was restored with city TIFF funds. The couple reportedly plan to bring entertainment back to the 2,500 seat theater.

Beyonce reportedly purchased the theater partly because she attended a party there to celebrate Barack Obama’s presidential nomination acceptance speech in August 2008.

In other Jay Z news, the rap mogul donated $1 million in scholarships for students to study abroad.

Shawn Carter Scholarship recipient Laquisha Springer responded to criticism that Jay Z and Beyonce don’t do enough to spread the wealth.

“So I’m assuming people, when they say he’s not doing enough, they’re expecting him to literally help the world,” said the 21-year-old behavioral neuroscience major. “But for me, personally at least, his foundation has helped me out at lot since I’ve been a scholar.”

Photo: Beyonce’s Tumblr