Shooter/Bootleggers going to auction.
10-01-2012, 08:45 PM
#11
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The numbers work at the price it MAY go for. Plus, the 4 pieces leave a nice option.
Plus, it is literally ONE LOT from a marina.
Plus, it is literally ONE LOT from a marina.
10-02-2012, 07:09 AM
#12
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It would be worth every penny of 6 mil if they didn't build that monstrosity Tides and parking garage in front of it, now your options are limited cause of depth from water to street. Can't argue with Jeremy on the numbers not working at that price .
10-06-2012, 10:42 PM
#13
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The real deal on Shooters
It is being overseen by a trustee, and a very good friend of mine works there as we speak and is in the know...
Because of this, I know what their numbers are, and here is what you would need to consider if you were going to bid on it:
1.) It needs a full renovation...This would be about $225-$250/square foot to do it right...$2,000,000..you would need to add this to the selling price...
2.) Because of noise restrictions, your patio and Bootleggers have to move it inside by 11pm I think it is...This leaves significant revenue on the table, in my opinion...
3.) Even thru all of this, the place can still easily turn $8 million plus per year...they are doing that now...I just don't see it getting back to $11 million that it did in the early 90's because of the noise restriction and the pain in the ass parking...but that is my unqualified opinion...
4.) John Wile has DESTROYED the relationship that Shooter's has with city officials, too...The new owner would have to work pretty hard and be quite sincere in this effort to rebuild that...
5.) You also need to rebuild the relationship with the locals too...it has gotten really bad...
So, in my opinion, if you are a cash buyer, and can swing a purchase between $5.5-$6 million, I think it can be had, but you will add $2 million to rehab it...
At $7.5-$8 million, you would need to do $9 million/yr at a 25% net to earn a 25% annual return on your investment with a 4 year payback (assuming that you continue to upgrade the facilities with $250-$300k per year)
Maybe its worth it if you don't mind a project that would require 25 hours a day/8 days a week of your time? lol
Because of this, I know what their numbers are, and here is what you would need to consider if you were going to bid on it:
1.) It needs a full renovation...This would be about $225-$250/square foot to do it right...$2,000,000..you would need to add this to the selling price...
2.) Because of noise restrictions, your patio and Bootleggers have to move it inside by 11pm I think it is...This leaves significant revenue on the table, in my opinion...
3.) Even thru all of this, the place can still easily turn $8 million plus per year...they are doing that now...I just don't see it getting back to $11 million that it did in the early 90's because of the noise restriction and the pain in the ass parking...but that is my unqualified opinion...
4.) John Wile has DESTROYED the relationship that Shooter's has with city officials, too...The new owner would have to work pretty hard and be quite sincere in this effort to rebuild that...
5.) You also need to rebuild the relationship with the locals too...it has gotten really bad...
So, in my opinion, if you are a cash buyer, and can swing a purchase between $5.5-$6 million, I think it can be had, but you will add $2 million to rehab it...
At $7.5-$8 million, you would need to do $9 million/yr at a 25% net to earn a 25% annual return on your investment with a 4 year payback (assuming that you continue to upgrade the facilities with $250-$300k per year)
Maybe its worth it if you don't mind a project that would require 25 hours a day/8 days a week of your time? lol
10-07-2012, 04:27 AM
#14
It is being overseen by a trustee, and a very good friend of mine works there as we speak and is in the know...
Because of this, I know what their numbers are, and here is what you would need to consider if you were going to bid on it:
1.) It needs a full renovation...This would be about $225-$250/square foot to do it right...$2,000,000..you would need to add this to the selling price...
2.) Because of noise restrictions, your patio and Bootleggers have to move it inside by 11pm I think it is...This leaves significant revenue on the table, in my opinion...
3.) Even thru all of this, the place can still easily turn $8 million plus per year...they are doing that now...I just don't see it getting back to $11 million that it did in the early 90's because of the noise restriction and the pain in the ass parking...but that is my unqualified opinion...
4.) John Wile has DESTROYED the relationship that Shooter's has with city officials, too...The new owner would have to work pretty hard and be quite sincere in this effort to rebuild that...
5.) You also need to rebuild the relationship with the locals too...it has gotten really bad...
So, in my opinion, if you are a cash buyer, and can swing a purchase between $5.5-$6 million, I think it can be had, but you will add $2 million to rehab it...
At $7.5-$8 million, you would need to do $9 million/yr at a 25% net to earn a 25% annual return on your investment with a 4 year payback (assuming that you continue to upgrade the facilities with $250-$300k per year)
Maybe its worth it if you don't mind a project that would require 25 hours a day/8 days a week of your time? lol
Because of this, I know what their numbers are, and here is what you would need to consider if you were going to bid on it:
1.) It needs a full renovation...This would be about $225-$250/square foot to do it right...$2,000,000..you would need to add this to the selling price...
2.) Because of noise restrictions, your patio and Bootleggers have to move it inside by 11pm I think it is...This leaves significant revenue on the table, in my opinion...
3.) Even thru all of this, the place can still easily turn $8 million plus per year...they are doing that now...I just don't see it getting back to $11 million that it did in the early 90's because of the noise restriction and the pain in the ass parking...but that is my unqualified opinion...
4.) John Wile has DESTROYED the relationship that Shooter's has with city officials, too...The new owner would have to work pretty hard and be quite sincere in this effort to rebuild that...
5.) You also need to rebuild the relationship with the locals too...it has gotten really bad...
So, in my opinion, if you are a cash buyer, and can swing a purchase between $5.5-$6 million, I think it can be had, but you will add $2 million to rehab it...
At $7.5-$8 million, you would need to do $9 million/yr at a 25% net to earn a 25% annual return on your investment with a 4 year payback (assuming that you continue to upgrade the facilities with $250-$300k per year)
Maybe its worth it if you don't mind a project that would require 25 hours a day/8 days a week of your time? lol
You should also figure your opportunity cost: If you have 8mm in cash earning 3% conservatively, that is 240k a year with little risk and no hassle.
10-10-2012, 03:52 PM
#15
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That place was awesome! Have some good memories of the place when I was a litte kid in the mid-late 80's! The bikini contest along with all the boats/people. That was the place to be. I went back a few years ago, and must say I was disappointed. It was far from the atmosphere I recall way back in the day. I would really like to see someone bring it back to life.
10-11-2012, 08:33 AM
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10-11-2012, 01:43 PM
#18
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Hey Cash Bar, please pm me the information on the auction. I own a full service restaurant chain in Wa. with nation expansion plans. We are currently in Wa. Or, Denver, and soon Tx. I have investors in Florida, and they might want to check it out.
thanks
Don
thanks
Don
12-22-2012, 09:26 AM
#20
Update: Last Wednesday, on Dec 5, an auction for Shooter's Waterfront Cafe and Bootlegger drew a $5.3 Million bid. FirstBank holds an $11.3 Million judgement. A bank appraisal listed the property value at $9.2 Million, while Shooter's owners listed it at roughly $6 million.
The winning bidder was FirstBank, who held greater than $11 million judgement against the place. I'm not sure how that works; if the bank now owes itself money, but it's not very exciting for us. Because basically nobody owns the place that's going to open anything that we should care about.
Shooters Waterfront Saloon has been an icon since back in the spring break days in the 80's, but soon it will be no more. They filed for bankruptcy in July.
So basically someone bid up to 5.299 and the bank stepped up and outbid them to retain the property but got a clear title in the process. Same thing happened with Hideaway Marina a few years back. Bank will then relist the property for sale and it is now lien free. 2+ years later the bank is still running Hideaway while still trying to sell the marina so this might happen with Shooters as well.
The winning bidder was FirstBank, who held greater than $11 million judgement against the place. I'm not sure how that works; if the bank now owes itself money, but it's not very exciting for us. Because basically nobody owns the place that's going to open anything that we should care about.
Shooters Waterfront Saloon has been an icon since back in the spring break days in the 80's, but soon it will be no more. They filed for bankruptcy in July.
So basically someone bid up to 5.299 and the bank stepped up and outbid them to retain the property but got a clear title in the process. Same thing happened with Hideaway Marina a few years back. Bank will then relist the property for sale and it is now lien free. 2+ years later the bank is still running Hideaway while still trying to sell the marina so this might happen with Shooters as well.
