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Oz dance club bought for $8.175 million
Posted on 7/22/15 at 10:34 am
Posted on 7/22/15 at 10:34 am
LINK
quote:
Local developer Kishore "Mike" Motwani outbid Sidney Torres IV on Wednesday (July 22) for the ownership rights to the Oz, agreeing to pay $8.175 million for the Bourbon Street dance club.
Motwani must close the deal and pay in cash by Aug. 15. If he fails to do so, the rights go to Torres whose final bid was $8.125 million.
The live auction took place before Judge Elizabeth Magner in the U.S. Eastern District Court of Louisiana.
The sale of the business and property at 800 Bourbon St. came after the owners -- Johnny Chisholm, Doyle Yeager and Bobby Warner -- declared bankruptcy in October, unable to pay off millions of dollars in loans that came due that summer.
4
Posted on 7/22/15 at 10:36 am to JS87
Who knew the trash king got down like that? 
Posted on 7/22/15 at 10:36 am to JS87
Congrats Boom
Posted on 7/22/15 at 10:37 am to MightyYat
Apparently you aren't familiar with the Torres family
Posted on 7/22/15 at 10:38 am to MightyYat
quote:
Who knew the trash king got down like that?
Torres is total cheese, but he has raked it in as a developer.
Posted on 7/22/15 at 10:38 am to tgrbaitn08
That was the opening bid. Sidney stopped at 8.125.
It will soon be converted into the largest T-Shirt shop on Bourbon.
It will soon be converted into the largest T-Shirt shop on Bourbon.
This post was edited on 7/22/15 at 10:40 am
Posted on 7/22/15 at 10:39 am to Rickety Cricket
I would watch a season or two of a reality show following him
Posted on 7/22/15 at 10:40 am to fightin tigers
Wasn't there one already that was cancelled pretty quickly?
Posted on 7/22/15 at 10:41 am to JS87
quote:
Kishore "Mike" Motwani
I hope the gays like TShirts.
Posted on 7/22/15 at 10:43 am to Fun Bunch
I had ZERO idea that the property and club (even being on Bourbon Street) would bring that kind of money. Do they get the entire building? Knowing the way the FQ is built, maybe there is interior apartments or other businesses included that I don't know about.
Anyone have any insight?
Anyone have any insight?
Posted on 7/22/15 at 10:45 am to SippyCup
quote:
That was the opening bid. Sidney stopped at 8.125.
gotcha...well they had a bid of $4.5M as of yesterday that was the only bid they had until this morning.
This post was edited on 7/22/15 at 10:47 am
Posted on 7/22/15 at 10:46 am to Fun Bunch
quote:
I hope the gays like TShirts.
quote:
Motwani said he doesn't plan to make any changes to the business and will continue to operate it as the Oz.
Posted on 7/22/15 at 10:47 am to tgrbaitn08
He would be a fool to change anything. That place must print money with very little overhead.
Posted on 7/22/15 at 10:47 am to Fun Bunch
From shirtless dudes to actual shirts.
Posted on 7/22/15 at 10:50 am to Rickety Cricket
quote:
He would be a fool to change anything. That place must print money with very little overhead.
The club was sold at auction due to the owners filing bankruptcy.
Posted on 7/22/15 at 10:51 am to SippyCup
quote:
Richard A. Webster, NOLA.com | The Times-Picayune 5 minutes ago
@kmsoap @crrodriguez @Richard A. Webster, NOLA.com | The Times-Picayune @Chalmette02 Yeah, it seems like the wise business move would be to keep the Oz as is. The bankruptcy was not caused because the business failed or wasn't a money-maker. There were issues between the owners. We will have more on that story soon.
This post was edited on 7/22/15 at 10:52 am
Posted on 7/22/15 at 10:53 am to SippyCup
quote:
The club was sold at auction due to the owners filing bankruptcy.
That doesn't always mean a business is not making money, you realize?
Posted on 7/22/15 at 10:53 am to SippyCup
quote:
The club was sold at auction due to the owners filing bankruptcy.
Doesn't mean the property doesn't make money.
Posted on 7/22/15 at 10:54 am to tgrbaitn08
It is getting extremely difficult to get a liquor license in New Orleans, especially for a bar (i.e. no food). Real Estate with license in place are becoming more and more valuable.
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