NEW ORLEANS – Dubbed the #1 gay dance club in New Orleans, Oz was sold at a live auction today to local developer Kishore "Mike" Motwani for $8.175 million.
According to NOLA.com | The Times-Picayune’s Richard A. Webster, Motwani outbid Sidney Torres IV for the ownership rights to the 800 Bourbon St. dance club by $50,000.
Webster reports Motwani must pay in cash by Saturday, August 15, 2015. If Motwani pulls out, Torres, who bid $8.125 million, gets the property.
U.S. Eastern District Court Judge Elizabeth Magner presided over the auction.
Webster reports Oz’ previous owners, Johnny Chisholm, Doyle Yeager and Bobby Warner, declared bankruptcy in October 2014 and were unable to pay off millions of dollars in loan debts.
Motwani told Webster he doesn't plan to make any changes to the business.
