Shooters draws a $5.3 Million Bid

Last Activity: Dec 26th, 2013

shooters

Last Wednesday, on Dec 5, an auction for Shooter's Waterfront Cafe and Bootlegger drew a $5.3 Million bid. FirstBank holds an $11.3 Million judgement. A bank appraisal listed the property value at $9.2 Million, while Shooter's owners listed it at roughly $6 million.

The winning bidder was FirstBank, who held greater than $11 million judgement against the place. I'm not sure how that works; if the bank now owes itself money, but it's not very exciting for us. Because basically nobody owns the place that's going to open anything that we should care about.

Shooters Waterfront Saloon has been an icon since back in the spring break days in the 80's, but soon it will be no more. They filed for bankruptcy in July, and the entire Shooters and Bootlegger complex will be sold at Auction on December 5, 2012.

Back in the day, Shooters was the hottest ticket in town, with boats tied up 3 deep. It was the place to be during the spring break days. But in the past 10 years, the "hot body contests" have lost their appeal, and the place failed to keep up with the times. Bootleggers was leased out to La Playa for a short time, and the Miami Style club turned the place into a circus; but the owners couldn't make it with a place that only drew customers on weekends.

With the lowly regarded Chart House and uninspiring Flip Flops; this area has become a forgotten neighborhood. It will be interesting to see who buys this prime real estate; A winner here could revitalize this part of town. Let's just hope that the same old people who own every other restaurant in town don't open yet another weak venue. We deserve something better.

Showing 10 Comments

Comment Policy Add Comment
K.T.Reply
i used to work there back in the 80's - sad to hear it's lost it's popularity.
I remember seeing big sportfishing boats rafted up 5 deep to the dock in 1985.
Neil Reply
Houstons would be great !
AdministratorReply
Oh please, no. Like we don't have enough places serving their menu already.
djourReply
According to their neighbor, the 5.3 million bid was not accepted by the court, so the court still operates it under the chapter 11 statutes.
AdministratorReply
It was operating under Chapter 7 (liquidation). It's possible. The largest creditor buying the place at a nice discount seems wrong somehow. I don't see anything official about this, however.
neilReply
sure, there are a lot of "knockoffs" , but in this relatively unsophisticated town, at least they would be successful with a good atmosphere and consistent food. based on history , some wanna be operator will come in and most likely fail.
AdministratorReply
Frankly Bootlegger/Shooters could work with the right management. It wasn't very long ago that it was a decent place. The food has always sucked, but LaPlaya ruined the whole thing. They never recovered after that debacle.
NicholasReply
Once again our wise administrator has correct taste.

Houston's works at its locations already.

How about anything different than a Fish Bar or a Chicken/Steak & Salad joint!
AdministratorReply
I'd rather it be a fun weekend hangout with live music, a raw bar and good burgers. Long Islanders might recall places like OBI South or Paddy McGees or Dockers in the Hamptons. To me places like Blue Moon and Chart House are just a waste of good, waterfront real estate.