When the Great Chicago Fire destroyed the building in 1871, the Academy began to owe a lot of money. The Academy tried and failed by renting facilities. By 1878, the Academy owed $10,000. Members tried to rescue the weak institution by making deals with local businesses. Some people gave up in 1879 and started a new new organization, named the Chicago Academy of Fine Arts. When the Chicago Academy of Design went bankrupt the same year, the new Chicago Academy of Fine Arts bought its assets in an auction.