When the Great Chicago Fire destroyed the building in 1871 the Academy was thrown into debt. Attempts to continue despite the loss by using rented facilities failed. By 1878, the Academy was $10,000 in debt. Members tried to rescue the ailing institution by making deals with local businessmen, before some finally abandoned it in 1879 to found a 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 at auction.