WATERDOG

Gemini
HDF Silver Supporter

Don't Bother Me, I'm in Havi
  
MENIFEE, CA
Posts: 10,292
APPD 1.47
Post Rank: 8
ELIMINATOR EAGLE
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Posted: Mar. 03 2008,10:27 am |
Post # 17 |
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| Quote (tonedog @ Mar. 03 2008,10:16 am) | | Quote (WATERDOG @ Mar. 03 2008,10:10 am) | | Quote (tonedog @ Mar. 03 2008,8:47 am) | | Quote (WATERDOG @ Mar. 03 2008,8:36 am) | | Quote (GoFastRacer @ Mar. 03 2008,6:03 am) | So what's going to happen, clear the place and rebuild modern!.  |
That's the question. Only thing for sure is that 16 million price tag just went down, a lot. Might be the cities way of saying fit it or else. |
I doubt that he'll come off of his price much.  The big battle is that the developers want to put in time-share condos.  And the city wants it put back like the 'good old days'.  The problem is that at $16mil, you can't sell enough tee shirts and beads to make a living anymore....It'll be interesting to see what happens. |
I was told he paid 14 for it and was supposed to refurbish it. Most say he never put a penny into it.  I don't know. What's the occupancy these days, 30% or so. I've never checked on rental rates, a lot of beads I'm sure. |
I believe that he paid somewhere around $2 Mil, he tried to sell it to the city for $14.5 mil when all this started.  And I don't know that any of it is occupied right now.  There is the boat tours, vessel assist and boat rentals at the docks.  But I'm not sure that the restaurant is on his land.  I think that's the only thing open over there, that and the sno cone stand. |
Now there's a twist. Didn't he buy it in the last couple of years. This explains a lot. Nice little mark-up for the city. No wonder they said no. Off the subject, is that restaurant any good. The wife wants to eat there next month. "Damn you sure know how to fock things up."-GFR
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