Is there any way it can be saved and restored? I'd think that it...
... having been built in the late-1800s might be reason enough to even get it registered as a historic site. I think funding may come available to help restore/upkeep places on the registry.
I hate seeing old buildings torn down, especially those from that era. They usually had way more character and class than buildings which are built, today. I realize that we, Americans, build many of our structures out of wood. If the structure isn't maintained throughout its entire life, it will fall into disrepair.
I would guess that there would be some reclaimed wood folk who would be interested. Where is the structure located?