The liquor license for Pistol Pete’s Beef ‘N’ Beer in Pleasantville was sold for $60,000 to a former operating manager after a Nov. 19 hearing, according to U.S. Bankruptcy Court files.
The buyer was Barnabas Enterprises LLC of Cape May Court House, a previous manager of the business. The private sale took place after the firm was listed as the highest bidder Nov. 6.
The selling price was a significant discount from the initial value and a recent assessment. The license was valued at $125,000 in April, but was decreased to between $70,000 and $85,000, according to a Nov. 16 assessment by a Haddon Township business broker.
The liquor license is transferrable, so the purchase by Barnabas does not necessarily indicate interest in purchasing the business or property. Plans for the license are currently undetermined, said Atlantic City-based attorney Robert Lang, counsel for the buyer, who confirmed there is no interest in the property.
The sale of the business is still pending, as the owners of the property, Salvi and Peter Land LLC, are moving forward to a final judgment and foreclosure, according to a representative. The mortgage debt owed to Cape Savings Bank is about $762,000.
What can happen in this situation is that the deed is sold in a sheriff’s sale to the bank, which can in turn seek a buyer for the property, said Thomas Subranni, the trustee appointed to the case and an Atlantic City-based attorney.
The property is a 5,315-square-foot corner lot on the Black Horse Pike. The lot was purchased in 2004 for $300,000, and is now valued at $694,100, according to county tax records. The Wild West decor and props still stand outside the vacant building. The building and all its contents were abandoned in late April, according to court files, but about $5,000 in liquor inventory was sold to the Benevolent Order of Elks Lodge 2428 in Brigantine, Subranni said.
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