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Brennans Lose Property, Hope to Negotiate Lease

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Photo: Official Website

Susan Langenhennig reports that The Big Pink home of family dysfunction, debt, and bookoo chicken, Brennan's, has been sold auction for $6.85 million to its mortgage holder Leggo/4. On Wednesday, Judge Piper D. Griffin put the brakes on the foreclosure, calling an injunction to the proceedings with the requirement that Owen "Pip" Brennan pay a $150,000 bond, but Pip didn't pay.

You may recall Leggo/4 as the entity? owned in part by local investor Harold Hunter "Terry" White? that gobbled up Brennan's three unpaid mortgages from First NBC Bank in April of 2012 and again sued the restaurant for unpaid mortgage debt of $4.1 million later in the year. And now the whale has gobbled up the entire sinking ship.

Now, Ted Brennan's daughter, Bridget Brennan Tyrrell (who still remains in control of Brennan's along with her father at this time), tells the Times-Pic the restuarant is still open: "If we can negotiate a fair lease, Brennan's will remain on Royal Street. If we cannot negotiate a fair lease, we will have to look at other options. But Brennan's restaurant will remain in the French Quarter."

In the weeks leading up to this foreclosure, infighting also escalated between brothers Pip and Ted Brennan and their children, in a battle for control of the restaurant, which lead to a stand-off ending in handcuffs, and a court battle which seemed to settle nothing. But now they have something to look forward to, working together to get a lease while trying not to leggo their eggo.

· Brennan's Restaurant Hopes to Negotiate a Lease With the New Owner of Its Building [NOLA.com]
· Brennan's Restaurant Property on Royal Street Sold at Auction After an Owner Fails to Post Bond [NOLA.com]
· All Brennan's Saga Coverage [-ENOLA-]

Brennan's

417 Royal Street, New Orleans, La 70130

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