Richard Basciano, a Center City developer and lead defendant in the landmark civil trial for the deadly Market Street collapse, died Monday at the age of 91, according to his attorney Richard Sprague. Basciano had been in failing health for at least a year before his death, according to Philly.com.
Basciano was active in both the New York City and Philadelphia real estate markets for more than four decades. He was known for his success in the adult entertainment industry and was the owner of the Show World Center, New York City's largest and oldest sex emporium.
Basciano and his company STB were two of the defendants in the civil trial for the June 5, 2013 Market Street collapse in which seven people were killed and 12 others injured. A four-story wall crushed the Salvation Army thrift store at 22nd and Market streets.
Basciano owned several properties on the 2200 block of Market Street, including an adult theatre. He was hoping to redevelop the block at the time of the deadly collapse. The jury in the trial found Basciano and the Salvation Army largely responsible for $227 million in damages.
Sprague told NBC10 Basciano's death won't have any impact on the terms of the settlement. He also said they will have to substitute an executor in place of Basciano.
