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    HomeNewsThe Abbey WeHo Nightclub Sold for $27M According to Report

    The Abbey WeHo Nightclub Sold for $27M According to Report

    When news broke that the Abbey Food & Bar and its sister location the Chapel at The Abbey sold to hotel entrepreneur Tristan Schukraft this past November, the big question on everyone’s mind was, for how much? According to a report by Commercial Observer, the 14,200-square-foot properties at 686 and 692 North Robertson Boulevard traded hands for $27 million.

    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.”

    In other words, David Cooley owned the Abbey property, but he was leasing The Chapel. Rumors alleged Cooley was asking for $60M for the entire package and he settled for $40M. Other sources say the $27M is a closer ballpark for The Abbey property with the final price tag for the bulk of the business after fees at $35M. These numbers have have not yet been confirmed.

    According to Commercial Observer, Tristan also bought the business assets. it is not yet known how much he paid for the entire Abbey assets. Real Estate brokers Matthew Luchs and Brandon Micheals of Marcus & Millichap handled the transaction.

    David Cooley sold a majority of his stake of The Abbey to hospitality and entertainment company SBE Group in 2006. According to reports SBE paid close to $10 million for a 75 percent stake. Cooley stayed on as President. SBE Group planned to open additional Abbey bars in popular gay destinations across the country, but those plans never panned out. Cooley bought the Abbey back in 2015, a year shy of the Abbey’s 25-year-anniversary. The Abbey recently celebrated 33 years.

    Cooley also listed his home for sale in L.A.’s historic Hancock Park neighborhood back in March. Cooley purchased the brick structure designed by architect Henry F Withey for $1.9 million in 2001. The home sold for $6,786,400. His asking price was $7,695,000. The home is widely known for hosting several fundraisers throughout the past four decades.

    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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    Marc Edward skincare
    Marc Edward skincare
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    1 month ago

    David became a huge success and hope he enjoys a great retirement! ❤️

    Sam Mraovich
    Sam Mraovich
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    1 month ago

    Great article Paulo! You always have amazing stories! Hugs and love to you!!!

    ThomasS
    ThomasS
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    1 month ago

    If I’m not mistaken Abby started across the street where Bosa Nova was. wow

    hifi5000
    hifi5000
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    1 month ago

    Glad to see David Cooley made out with the sale of his famous Abbey and Chapel including his Hancock Park home.He cleared close to $33.5 million.I am sure he will do well in retirement.Starting out as a small coffee shop to becoming a popular club destination is something he probably never thought could happen.Best wishes to him.

    Jerome Cleary
    Jerome Cleary
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    1 month ago

    wow

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