Looks like the whole place is going up to auction in December. Could be the chance to own an Icon.

http://static.auctionservices.com/do...y-shooters.pdf

The auction company is owned by a friend. Contact me with any questions and I'll get you in touch.

Greg

Maybe we should all go together and buy it. We need a place to hang out when it gets cold up here. You can count on me for a hundred.

Had lunch there yesterday. Someone who workes there said 6 mil.

That would be the perfect spot for a new Flight Club.....

Come on Ron..

+1

Tax value of 6mil+

I just don't see a buy at that price for what it is. Possibly reduce restaurant/bar size and sell condos on a portion to bring down bar cost. It'd take a enormous amount of sales to cash flow it. I'd say you'd need 5 mil in yearly sales to stay a float, or 100k a week. That's a lot of customers.

3mil would probably work but I wouldn't want to be in it for more then that. what do you guys think it'll sell for.

Throw a bid at it, ya never know.

I know the numbers, and the play. The property consists of 4 pieces and THAT is the key.....

actually the key is what the county will let you do with it. a few minutes from the house is an old historic hotel that can not make it because they can not have a restaurant or bar because the county will not allow the addition to the septic tanks. now the property will end up abandoned (for sale at auction soon) until the county claims eminent domain.

Jeremy, find the other thread I started about "Shooters in trouble" and there is a newspaper article from the early 90's that said the place did 200K every Sunday alone! 100K a week is just 20,000 $5 beers!

You are right on with the buy some/sell some strategy but just remember no one wants to buy expensive real estate next to a noisy bar!