Not exactly. It wasn't the same stadium at all. The original Maracanã received something around 1.2 bi BRL (387.55 mi USD if we consider today's rate) in order to receive the Olympic games. Sergio Cabral' (former RJ governor) prision was motivated (among other things) because of that
So is it not going to be used again?
Probably it will. Problem is the "owner" (Odebrecht and EBX, both companies involved in many issues in the Lava-Jato investigation) don't have money to fix it, nor are potential "clients" (soccer teams) willing to contribute to fix it or to pay the amounts that are being charged to use it.
It was a good deal from 1950 up until the last world cup. The stadium had to go through a great change for the 2014 world cup, and some other reforms for the 2016 olympic games. The costs of it (including corruption) didn't pay off and now the stadium is a completely mess.