David Glazer owned the Times Cinema, 5906 W. Vliet St. in Milwaukee and the Rosebud Cinema Drafthouse, 6823 W. North Ave. in Wauwatosa, but the businesses ran into financial problems last year.
Madison-based AnchorBank FSB completed a foreclosure on the properties on October 28. The theaters closed in March.
Russell Long, an attorney for Davis & Kuelthau, represented AnchorBank in the foreclosure. Only the bank and Barczak bid at the auction Monday, he said.
Barczak's winning bid was $275,000 for the Rosebud and $265,000 for the Times, which Long said is close to the actual value of the properties.
The sale still needs to be approved by a judge. A hearing is scheduled for June 11.
The bank was happy with the outcome, because there was not a lot of initial interest in the auction, Long said.
"I didn't think anybody was going to bid at the sale yesterday," he said. "If the buyer can get these theaters up and running again, I think it would be good for the community."