Bankruptcy judge approves sale of Coastline restaurant property
The property and liquor license for the defunct Coastline Bar & Grill, a popular Cherry Hill landmark, is expected to change hands soon after a federal bankruptcy judge approved the sales.
The property and liquor license for the defunct Coastline Bar & Grill, a popular Cherry Hill landmark, is expected to change hands soon after a federal bankruptcy judge approved the sales.
According to court records, Judge Andrew B. Altenburg approved the sale of the liquor license for more than $1 million to the Village at Woodcrest, the company that owns and operates the Woodcrest Country Club and golf course, also in Cherry Hill.
Altenburg approved the sale of Coastline's property at 1240 Brace Rd. for more than $2.5 million to Orens Development Inc., which builds senior living facilities.
Marlton lawyer Dino S. Mantzas, who represents the Coastline, said the sales were expected to close in early to mid-February. The contents of the business also will be scheduled for sale, he said.
The Coastline closed earlier in the month, ending 37 years of dancing, dining, and drinking that started during the disco era.
The bar's customer base spanned all ages. Local politicians frequented the Coastline, customers crowded the bar on weekends, dancing to Top 40 hits, and diners enjoyed a modestly priced brunch buffet on Sundays.
Last summer, the company filed for bankruptcy protection, and agreed to close this month with plans to sell assets.
Mantzas said that the company would liquidate all its assets and become insolvent. On a Facebook page, the Coastline posted a note to friends and employees: "We thank you for 37 years. We say goodbye . . ."