A Vancouver artist is scrambling to raise enough money to save a theatre from the wrecking ball with an innovative campaign that involves selling shares to the theatre.

Jhayne Holmes is fighting to save the Raja Theatre in East Vancouver with an internet endeavor that has the goal of turning the 475-seat theatre into a multidisciplinary arts centre she calls Heart of the World, which will help satisfy Vancouver's need for performance space.

Shares are being offered on Foxtongue.com at $200 each.

The Raja Theatre was most recently a Bollywood cinema, but it has a long history dating back to 1912, including a period in which it was known as The York and hosted performers such as Neil Young and Jane Siberry.

Holmes put a $48,000 deposit, including $10,000 of her own money, on the Raja in December and has since raised $250,000 through the internet.

"We got a thousand hits on the website in the first 24 hours and we hadn't even finished the website yet," she told CBC Radio.

But she needs another $250,000 by Monday to meet a deadline from the seller.

"Or the other people get the building who want to tear it down and put condos up, and the money goes back to the people who gave it to me …except for my money, my life savings," she said.

If she is successful in raising the money, Holmes's plan for Heart of the World is to allocate two days each week to film, theatre, and music.

She also wants to provide a place where Vancouver filmmakers, musicians and theatre people can network.

Plenty of history

The Raja opened as a recital hall and arts centre in 1913, became home to the Vancouver Little Theatre Association for 54 years and became the York Theatre in 1941.

The Raja has a proscenium stage, a projection booth, a concession stand and a great deal of potential, Holmes said, but she admits it's a fixer-upper.

"Well, here's the fun part. I have this gigantic army of volunteers crawling out of the woodwork. I've got painters and plasterers and a couple plumbers and people who know how to deal with old electrical work. Everyone wants to come and help."

Holmes has been involved with Vancouver's theatre scene and creates the annual Zombiewalk festival.

She has invited theatre people such as David Bloom of Felix Culpa and Michael Green of One Yellow Rabbit, filmmaker Alastair Macleod of the Vancouver Film School and arts festival administrator Jay Harmer to join an advisory board for the venue.