Dear friends – thought that you would like to see the latest story written by Dan Beighley for the Orange County Business Journal on the landmark Boom Boom Room and Coast Inn being officially put up for sale by the owner, Steven Udvar-Hazy. We will keep you posted as this story unfolds.
Best regards, Fred Karger, Founder www.savetheboom.com
Posted date: 5/25/2007
Udvar-Hazy Gives Up Boom Boom Room Redevelopment
By Dan Beighley
Orange County Business Journal Staff
Billionaire Steven Udvar-Hazy has given up plans to build a resort in LagunaBeach and plans to sell three properties there, including gay bar the Boom Boom Room.
His plans for a boutique hotel were met with protests from gays who staged a campaign to save the Boom Boom Room.
It's unclear why Udvar-Hazy is giving up his plans and selling the properties.
“Save The Boom” organizer Fred Karger said he's been busy since last May with a bid to influence Udvar-Hazy to preserve the gay icon.
For the past two months, Karger said he has sought to find potential buyers to approach Udvar-Hazy about selling.
“We’re going to re-triple our efforts now,” Karger said.
The Coast Inn, which houses the Boom Boom Room, a liquor store and gay boutique, Gay-Mart, are up for sale for about $20 million, according to The Laguna Beach Independent.
Udvar-Hazy bought the buildings plus an adjacent house for about $25 million in 2005.
The ocean front home isn't up for sale.
Udvar-Hazy made a fortune in aircraft leasing. He lives in Beverly Hills with a second home in Monarch Beach.