Asking price for floating restaurant sinks to $1.1M
Just a few months after it was put up for sale, Captain John’s Restaurant, the cruise ship-turned-restaurant at the foot of Yonge Street, has dropped its asking price from $1.5-million to just over $1.1-million.
Not a good sign for Captain John Letnik, 72, who was hoping the sale would lure “young blood” to “upgrade” the boat into a floating casino or hotel. But the reality of a tough market can bite, especially when you’re selling a nearly 40-year-old ship that can’t move on its own and has its share of tax woes.
That doesn’t mean Letnik should give up hope. And he is not alone in believing novelty is a marketable asset, as the media hoopla that surrounded a 300-square-foot Toronto Escort Agency house in 2007 proves.