It seems that there's a happy ending after all for Milo Arts, the live-work space that over the past decade suffered from financial woes, natural disasters and repeated code violations.

It seems that there's a happy ending after all for Milo Arts, the live-work space that over the past decade suffered from financial woes, natural disasters and repeated code violations.

On Oct. 1, the building was purchased for $125,000 by Failsafe Ventures LLC, a company helmed by Dorothy Mann. She's the mother of former owner Rick Mann, who since 1988 has rented studios and apartments to artists in the former elementary school.

When Mann's bankruptcy protection ended late last year, the building went into foreclosure. It eventually was purchased by IB Property Holdings, which planned to demolish it by this fall unless a buyer stepped in.

For more info, click to miloarts.com.