Protests, disputes and the deep-seated feelings of the people who love the Regent Theatre are not enough to save Brisbane's iconic picture palace.

The theatre's scheduled closure on June 14 will still push through despite the hopes of the Save the Regent campaign on an 11th-hour reprieve. Local cinema expert Jon Silver says that sentiment cannot beat business.

Mr Silver is a senior lecturer in film and TV at QUT and a former head of marketing for Greater Union. He said that a lack of a "knight in shining armour" is very disheartening, considering that the world today is money-driven.

"The sad and awful truth of it is that the Regent will not be saved," he said.

"This is despite its incredible beauty, the nostalgia surrounding it and the intense emotion that people are feeling for the theatre.

"The fact is no one is willing to put their money where their mouth is and save it from destruction. It's an absolute tragedy and a great loss for Brisbane."

The Regent Theatre in Queen Street Mall was built back in 1929 as a tribute to Hollywood's golden era and has been an iconic part of Brisbane's history since then.

It was one of the four "picture palaces" constructed around Australia. It was designed by architect Charles Hollinshed from Melbourne, with the help of Richard Gailey and Aaron Bolot who were designers based in Brisbane.

Its high arched ceilings covered in ornamental plasterwork and a marble staircase going to where the original theatre once stood have signified its highly-regarded lavishness.

Jill Smith, whose grandmother was the sole woman to play the Wurlitzer organ that was especially shipped over from New York to Brisbane, said that the theatre must be put on the heritage list.

"This theatre is the cultural jewel of our city," she said. "We can't turn a blind eye to its destruction."

Cinema giant Hoyts wanted to tear down the Regent in the mid-1970s but was strongly opposed by the then-launched Save the Regent campaign.

The parties settled with a compromise. The company agreed to keep the facade, foyer and staircase in exchange for the demolition of the grand auditorium theatre.

Replacing it was a four-cinema complex that was serviced by the original front of house and main foyer.

The auditorium was once considered one of the largest in the Commonwealth. It had a stage, movie screen, modern light and seating for more than 2500 patrons.

Several plasterwork features that were salvaged from the demolished auditorium were reused in the small cinemas that replaced it.

An office tower is planned to be built on the site and will be incorporated with the 80-year-old theatre's heritage-listed grand foyer but would not include the ornate bar area, the red-brick Elizabeth Street facade and former stage-door entrance, and any of the four cinemas.

The Heritage Commission refused to list the bar and the Showcase which meant that the developers may begin demolishing everything except the already-listed foyer.

According to Mr Silver, as long as developers were involved, sentimentality would never have a bearing.

"Business has always been about making money, let's not pull any punches," he said.