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    HomeNewsBREAKING! The Final Price for the Abbey WeHo Real Estate and Assets...

    BREAKING! The Final Price for the Abbey WeHo Real Estate and Assets is $45 Million

    Commercial Real Estate Title Insurance VP, Jacki Ueng at Ticor Title (FNF) revealed the real estate sale and business acquisition of The Abbey WeHo in West Hollywood which closed this week on April 22, 2024. The final price hotel entrepreneur Tristan Schukraft paid The Abbey founder David Cooley to acquire The Abbey enterprise is a whopping $45,000,000.00.

    The breakdown of the sale is as follows:

    • Real estate sale price: $27,000,000.00
    • Business sale price: $18,000,000.00 (for the Abbey WeHo and The Chapel at The Abbey)
    • Asking Price: $50,000,000.00
    • The total purchase: $45,000,000.00

    “Honored to be part of this sexy transaction,” said Ms. Ueng. “Rest assured… @theabbeyweho remains 🌈 🥂. See you there.”

    News broke yesterday that the Abbey Food & Bar property at 686 and 692 North Robertson Boulevard traded hands for $27 million, but the final number for the entire business was not yet known until today.

    Leslie Haro from CityStreet Commercial represented the buyer, Tristan Schukraft, in the transaction. The seller, David Cooley, was represented by Matthew Luchs. The sale included not only the property but also the businesses at the Abbey and the Chapel, adding further depth to the deal.

    The listing of both spaces was described as “a generational purchase opportunity to acquire one of the world’s most iconic nightclubs and restaurants, The Abbey and The Chapel at the Abbey, including its tangible and intangible assets with all branding and branding rights to the businesses, and trophy West Hollywood real estate. ‘The Abbey’ business, a fee simple interest of 686 N Robertson Blvd, and ‘The Chapel at The Abbey’ business with its interest in the lease at 694 N Robertson Blvd.”

    News broke that the Abbey Food & Bar and its sister location, the Chapel at The Abbey, sold to Schukraft this past November, but the final number was kept under wraps until the sale was finalized.

    Cooley made a tearful exit on his last day as owner of two of West Hollywood’s most iconic nightclubs on Thursday, April 11. He officially turned over the reins to new owner Schukraft.

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    Paulo Murillo
    Paulo Murillohttps://wehotimes.com
    Paulo Murillo is Editor in Chief and Publisher of WEHO TIMES. He brings over 20 years of experience as a columnist, reporter, and photo journalist. Murillo began his professional writing career as the author of “Love Ya, Mean It,” an irreverent and sometimes controversial West Hollywood lifestyle column for FAB! newspaper. His work has appeared in numerous print and online publications, which include the “Hot Topic” column in Frontiers magazine, where he covered breaking news and local events in West Hollywood. He can be reached at [email protected]

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    Kiss it
    Kiss it
    Offline
    27 days ago

    I was there yesterday and afternoon and their drink specials were $18 right there on the board next-door to the outside bar no sense when is $18 a drink special? That’s why everyone’s pregaming at home and on my walk over to Schmidt’s. I saw young adults with liquor on the top of the trunk of their car, pouring drinks out of jugs for everyone, which I was happy to see we need to go back to 6 to 8 dollars each and Beers two dollars. That’s what they charge in the valley that’s what they charge in Palm Springs… Read more »

    John
    John
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    Reply to  Kiss it
    17 days ago

    Roll back drink prices??? With the inflation of everything? It will never “go back” to what it was. Especially in the private sectors.

    Natasha
    Natasha
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    27 days ago

    Congrats to David! I remember the original Abbey where Bossa Nova was for many years. He worked very hard to build a very successful business. I am sure there were many ups and downs throughout the years. I wish the new owner lots of success..

    TomSmart
    TomSmart
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    28 days ago

    Seems like Cooley is saying “ICONned out of more than it’s value”

    Jerome Cleary
    Jerome Cleary
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    29 days ago

    wow

    Jimmy palmieri
    Jimmy palmieri
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    29 days ago

    David Cooley worked very hard from when The Abbey was a little coffee shop. He deserves this windfall. Good luck to the new owner/owners.

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