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Author Topic: $300 grand down the toilet. what a shame.  (Read 619 times)

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Offline Caveoftreasures

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$300 grand down the toilet. what a shame.
« on: June 24, 2011, 05:41:33 PM »
Have u seen this article.

Pinball Museum in the USA is closing.    Owner has to be out of building around mid July in only 3 weeks after having spent over $300,000.00 in the last year setting it all up.

What a shame. The place looks great as well.   Article below.
 
http://www.pinballnews.com/news/nib5.html

 ^&^ ^&^ ^&^ ^&^ ^&^ ^&^

more great photos below of the place. gee it looks nice.

http://pinball.rocket9.net/
« Last Edit: June 24, 2011, 05:52:36 PM by Caveoftreasures »
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Offline punter

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Re: $300 grand down the toilet. what a shame.
« Reply #1 on: June 24, 2011, 06:05:21 PM »
How good does this place look  ^^^,love the large flippers on the sides as an entry point.I hope he finds another site as he has done a great job and spared no expense in having it look shit hot,thanks for the link  @@*.
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Offline pinnies4me

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Re: $300 grand down the toilet. what a shame.
« Reply #2 on: June 24, 2011, 07:37:02 PM »
What an unfortunate situation, the place looks amazing.

But I find this hard to fathom:

In return for renovating its premises and opening the interactive museum, Silverman got a two-year rent-free deal.  However, one clause in the lease allowed the mall's owners, Vornado Realty Trust, the option to terminate the agreement with 60 days notice.

Some rent-free deal - you spend your dough and you get an imaginary two year deal because the whole thing can be terminated on 2 months notice - why would you accept such a term? Extraordinary.
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Offline Cow Corner

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Re: $300 grand down the toilet. what a shame.
« Reply #3 on: June 24, 2011, 08:09:35 PM »
Wow, that looks like heaven!
Hope it can survive someplace else.
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Offline Ant68

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Re: $300 grand down the toilet. what a shame.
« Reply #4 on: June 24, 2011, 08:16:11 PM »
Quote from: pinnies4me on June 24, 2011, 07:37:02 PM
What an unfortunate situation, the place looks amazing.

But I find this hard to fathom:

In return for renovating its premises and opening the interactive museum, Silverman got a two-year rent-free deal.  However, one clause in the lease allowed the mall's owners, Vornado Realty Trust, the option to terminate the agreement with 60 days notice.

Some rent-free deal - you spend your dough and you get an imaginary two year deal because the whole thing can be terminated on 2 months notice - why would you accept such a term? Extraordinary.

I saw this place on one of those US morning programs when it was just about to open a while back  , what a pity. On the other hand who would spend that much money on a very loose lease . !@#
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Offline Damien

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Re: $300 grand down the toilet. what a shame.
« Reply #5 on: June 24, 2011, 09:07:45 PM »
Actually, most lease agreements in major shopping centres have these clauses..

I know two main ones that have used the clause to get tenants out..

the first clause is they can move your shop anywhere in the complex.. so one day you are near the main entrance.. next you knwo you have to relocate to the shop near the bins

the second is.. your lease might be for 5 years and you can not get out.. by they only have to give you 6 weeks..

look at the melbourne eye.. no lease had a break out if the eye was removed.. so they all pay huge rent.. and no attraction..

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Offline Caveoftreasures

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Re: $300 grand down the toilet. what a shame.
« Reply #6 on: June 24, 2011, 10:29:49 PM »
I agree totally with what Nick (pinnies4me) has said here re the lease.  I see it all the time when i put expensive security systems into peoples leased premises.
They spend ALOT of money fitting out the shop/commercial premises and have a lease which would cause me to have no sleep at night. 

Many times I have told people to get a 5 year lease with a 5 year option if possible, without bodgy owner exit clauses, BEFORE spending $300 grand fitting the place out. AND even then, you will end up losing the entire $300 grand u have put into fixtures when the owner doesnt extend your lease past 5 yrs if you dont take a 5 year option.

Many times, I have told people to just walk away before they blow everything they have ever earnt and saved. BUT SOME PEOPLE REFUSE TO LISTEN. Its a shame this guy spent all that money, and 5 minutes after he finishs his dream building/business, he gets kicked to the kerb. He shld have got a better solicitor, and a better lease. Shame.

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Behind every garage door could be a pinball collectors
"Cave of Treasures" 55 in my collection

Into  Stern -JJP - Cars , Road Bikes- Jet Skis - Star Trek n Sci-Fi & Electronics    
Beware of Stalkers & Walkers when playing The Walking Dead

My 7yr old son Hunter is my best mate in the world !

Offline Retropin

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Re: $300 grand down the toilet. what a shame.
« Reply #7 on: June 24, 2011, 10:39:08 PM »
Friggin madness
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Offline ajlaird

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Re: $300 grand down the toilet. what a shame.
« Reply #8 on: June 24, 2011, 10:53:37 PM »
Yes, leases are extremely important in the retail world, and for ventures such as arcades and museums.
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Offline ktm450

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Re: $300 grand down the toilet. what a shame.
« Reply #9 on: June 25, 2011, 11:47:22 AM »
Saw that article awhile back, real shame, hopefully someone will be able to help him out over there  @.@
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Offline blue95

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Re: $300 grand down the toilet. what a shame.
« Reply #10 on: June 25, 2011, 10:29:27 PM »
The owners of the shopping centre have just used him up to refurbish their store for them, hope the bad karma drives customers the from the shopping centre.

That museum looks excellent. The Pinball Hall of Fame is awsome and it looks like these guys take it one step further with the museum layout and displays.
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