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Folly Theatre ended in 1895.
Folly Theatre was created in 1840.
The Folly Theatre had several other names, beginning with the Lowther Rooms.
Talley's Folly (1980), a play by Lanford http://www.answers.com/topic/lanford-wilson. [ http://www.answers.com/topic/brooks-atkinson-theatre, 277 perf.; Pulitzer Prize, NYDCC Award.]
The plural form of "folly" is "follies."