A local group has bought the historic Burbank Theater in San Jose, ending a saga that included a loan from one of Wall Street’s most notorious financial firms, a lawsuit and a foreclosure.

The immediate questions in the wake of the purchase: the next steps that face the dilapidated, long-shuttered, seven-decade-old theater that’s described as an “art moderne classic” dating back to a bygone era of cinemas.

The buying entity for the Burbank Theater is an investment group linked to business executives based in Milpitas, according to Santa Clara County property records.

Tru Investments Inc. paid $1.6 million for the site occupied by the old movie house, documents filed on Jan. 13 with the county Recorder’s Office show.