High Quality Content by WIKIPEDIA articles! The Folly Theatre was a London theatre of the late 19th century, in William IV Street, near Charing Cross, in the City of Westminster. It was converted from the house of a religious order, and became a small theatre, with a capacity of 900 seated and standing. The theatre specialised in presenting music hall, burlesque and opera bouffe. The Beefsteak Club had quarters above the theatre.