The latest installment in the ongoing Paseo closure saga has been reported by the Puget Sound Business Journal. According to Friday’s report, all of Paseo’s assets, including the well-known name itself, were sold at auction on Friday for $91,000.
The sale comes after nearly a month of controversy since the abrupt closure of the restaurant, the subsequent bankruptcy filing and the launch and failure of a Kickstarter campaign to bring the sandwich shop back to life.
The Puget Sound Business Journal report reveals that the winning bidder is Ryan Santwire, a Seattle resident who is reportedly on the board of the Pike Place Market Foundation, a partner at Wine World Warehouse and an investor at RockCreek Seafood and Spirits.
Although the assets and the name itself have been sold, the recipes were reportedly not included in Friday’s auction. Paseo owner Lorenzo Lorenzo objected to the sale if the recipes were included.
According to the Puget Sound Business Journal, the recipes were not listed in the court filing and Lorenzo confirmed that the recipes were always “held by him personally, not the restaurant”.
The $91,000 sale included the Paseo name, all of the equipment and everything else that the company owned. The assets were reportedly appraised at approximately $53,000, however, the value is likely much higher due to the popularity and fame of the name itself.
The auction reportedly did not go to a public bankruptcy option as the trustees were trying to “speed up the process.”
According to the report, six bidders took part in the auction that started at $35,000. After the sale is approved, wages will be paid to previous employees first, then creditors and taxes if needed.
