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JS87
New Orleans Saints Fan
Member since Aug 2010
12100 posts

Oz dance club bought for $8.175 million


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.


MightyYat
LSU Fan
New Orleans
Member since Jan 2009
16709 posts

re: Oz dance club bought for $8.175 million
Who knew the trash king got down like that?


FightinTiga
LSU Fan
Hammond,LA
Member since Feb 2009
15615 posts

re: Oz dance club bought for $8.175 million
Congrats Boom


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tgrbaitn08
USA Fan
Member since Dec 2007
77475 posts

re: Oz dance club bought for $8.175 million
I heard Torres only bid $4.5M


Bourre'
New Orleans Saints Fan
Da Parish
Member since Nov 2012
9463 posts

re: Oz dance club bought for $8.175 million
Apparently you aren't familiar with the Torres family


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Rickety Cricket
Navy Fan
Premium Member
Member since Aug 2007
46883 posts

re: Oz dance club bought for $8.175 million
quote:

Who knew the trash king got down like that?

Torres is total cheese, but he has raked it in as a developer.


SippyCup
New Orleans Saints Fan
Member since Sep 2008
2822 posts

re: Oz dance club bought for $8.175 million
That was the opening bid. Sidney stopped at 8.125.

It will soon be converted into the largest T-Shirt shop on Bourbon.
This post was edited on 7/22 at 10:40 am


fightin tigers
Downtown Prairieville
Member since Mar 2008
43155 posts

re: Oz dance club bought for $8.175 million
I would watch a season or two of a reality show following him


Honest Tune
LSU Fan
Bucktown, La
Member since Dec 2011
6725 posts

re: Oz dance club bought for $8.175 million
Wasn't there one already that was cancelled pretty quickly?


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Fun Bunch
New Orleans Saints Fan
New Orleans
Member since May 2008
57515 posts

re: Oz dance club bought for $8.175 million
quote:

Kishore "Mike" Motwani


I hope the gays like TShirts.


jbgleason
LSU Fan
BTR, suck it all you haters
Member since Mar 2012
11024 posts

re: Oz dance club bought for $8.175 million
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?


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tgrbaitn08
USA Fan
Member since Dec 2007
77475 posts

re: Oz dance club bought for $8.175 million
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 at 10:47 am


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tgrbaitn08
USA Fan
Member since Dec 2007
77475 posts

re: Oz dance club bought for $8.175 million
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.




Rickety Cricket
Navy Fan
Premium Member
Member since Aug 2007
46883 posts

re: Oz dance club bought for $8.175 million
He would be a fool to change anything. That place must print money with very little overhead.


DrinkDrankDrunk
Member since Feb 2014
836 posts

re: Oz dance club bought for $8.175 million
From shirtless dudes to actual shirts.


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SippyCup
New Orleans Saints Fan
Member since Sep 2008
2822 posts

re: Oz dance club bought for $8.175 million
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.


tgrbaitn08
USA Fan
Member since Dec 2007
77475 posts

re: Oz dance club bought for $8.175 million
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 at 10:52 am


Y.A. Tittle
Winthrop Fan
Member since Sep 2003
71438 posts

re: Oz dance club bought for $8.175 million
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?


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Teddy Ruxpin
LSU Fan
Austin, TX
Member since Oct 2006
32541 posts

re: Oz dance club bought for $8.175 million
quote:

The club was sold at auction due to the owners filing bankruptcy.


Doesn't mean the property doesn't make money.


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10
DandyPimp
LSU Fan
New Orleans
Member since Jan 2007
881 posts

re: Oz dance club bought for $8.175 million
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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