Listing for 320 Court Street on Trulia
The move did not come as a surprise. McGown, whose questionable business practices, string of bankruptcy filings and dilapidated buildings, had been forced to close several of his other eateries, including Goldenrod, in the former PJ Hanley space.
The estimated value of the building, according to the offering, was $9.4 million. The description stated that the storefront was owner-occupied and would be delivered vacant.
However, the auction did not go as planned and several properties failed to get any offers.
320 Court Street only received one bid for $3.8 million. McGown, obviously disappointed, released a statement saying that he was "reconsidering the sale process."
Now, twelve months later, the "Bankruptcy Baron" as he has been called in the press, has obviously come up with a new approach. He is offering the Buschenschank building for the slightly reduced price of $7,200,000.
A PMFA reader sent us the link to the listing on Zillow just yesterday.
Strangely, the listing suggests turning the 6,000sqft 4 bedroom, 4 bath building into "a one family home.""It seems like a weird suggestion for that building," wrote the reader.
I agree, especially since the second floor has also been used as commercial space and currently houses Lift, which offers floatation pods for restricted environmental stimulation therapy.
Do you think McGown will get his asking price this time? How about the idea of turning the building into a one family home?