However, once again bad luck fell upon the deal, when the financial crash of 1987 struck most companies in New Zealand, including Chase. The building and deal was abandoned once again and time passed with no results. Chase had not secured a tenant for its new tower and the council began to doubt whether it should spend millions on a single theatre. After the finish line for the protection order over the St. James ended, Chase gave their word that the theatre would not be demolished. Eventually, Chase went into liquidation and all its properties were put up for sale. The St. James was put on the market for $7 million, double what Chase had paid for it. The council declined and over the months, the price fell dramatically as Chase saw an absence of offers. The price fell to below what even Chase had paid for the theatre.