Jay Z and Beyonce New Building*Earlier, we reported what other outlets, including Zimbio.com was reporting … that Jay Z and Beyonce had bought the famed Regal theater in Chicago.

It turns out the story is not true:

It seemed for a moment that when power couple Beyonce and Jay Z were in Chicago last month, they apparently saw something they liked in the New Regal Theater, one of the city’s most stunning classic, vacant movie palaces. But alas.

According to a post on GumBumper.com, Bey and S.C. purchased the New Regal Theater, which opened as the Avalon Theater in 1927 and was closed by its previous owners in 2003, for $250,000.

But that report was first called into question Wednesday afternoon after NBC Chicago spoke with “a source familiar with” the theater’s pending sale who said the rumored celebrity purchase was inaccurate. DNAinfo Chicago later put the kibosh on the rumor.

The Chicago Sun-Times, too, quoted a source — “a close business associate of Jay-Z” — who said he knew nothing of the deal described by GumBumper.com.

Read/learn MORE at Huffington Post.

Earlier, we reported …

According to Zimbio.com, power couple Jay Z and Beyonce spent $250,000 on the old Regal Theatre on 79th street in Chicago, IL.

After closing down for year to undergo renovations and then restored with city TIFF funds, the couple decided to purchase the building.

Word is Beyonce was motivated to buy it after 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

“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.”