Foreclosure Sale For 5 O’Clock Grill Site Draws No Bidders
Earl Neikirk/Bristol Herald Courier
The former 5 O’Clock Bar & Grill is seen on Monday after on one offered to bid on the property. The building will return to its previous owner.
BRISTOL, Tenn. – There were no takers Monday on the front steps of the Sullivan County Courthouse during a foreclosure sale of the old H.P. King building – the site of the now-defunct 5 O’Clock Bar & Grill.
In August 2007, Ricky and Ronda Caudill signed a note to purchase the building at 620 State St. from Jean Burnette. But their failure to make payments led to a default on the terms of the agreement.
The property now returns to Burnette, and the Caudills already are moving out.
“All I can say is I’m ready to move on,” Burnette said. “They had made a pretty big investment, but things happen for a reason.”
The Caudills did not return three telephone calls seeking comment on Monday.
When the business opened in February, it became the city’s roomiest – and perhaps most unique – adult venue. The building, which once was the largest department store between Roanoke and Knoxville, became a business with a multitude of offerings, including live music, karaoke, pool and more.
The establishment was certified by the city to hold 565 patrons. That is the highest allowed occupancy of any business selling alcohol within the city limits.
Joseph B. Lyle, with Hale, Lyle & Russell, stood outside the courthouse and read aloud the required notice about why the property was up for auction.
“We’ve run an advertisement in the paper three times about the foreclosure sale, as required by law,” he said. “In Tennessee, you basically go to the courthouse and sell the property in this situation. Since there were no bidders, the property remains in Ms. Burnette’s name.”
The selling price to the Caudills was about $475,000, Lyle said.
“From this point, the Caudills will have to move out, and it’s going to be up to Ms. Burnette as to what she wants to do with the property,” he said.
Last month, the Tennessee Department of Revenue chained the business’ doors and posted warning signs at the site.
Officials confirmed that the property had been seized but would not specify whether it was because of nonpayment of franchise and excise taxes or sales tax defaults.
Ronda Caudill told the Herald Courier at the time that the business was “not about to shut its doors.”
“The property reverts back to Jean, and we’ll be helping her get a new business in there,” said Mike Sparks, the city’s deputy city manager/economic development. “We’re also sorry for the Caudills – it’s a great property.”
The Caudills continue to operate a 5 O’Clock Bar & Grill at 35025 Brittany Lee Drive in Glade Spring, Va.
| (276) 645-2512
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Reader Reactions
Sorry, I don’t smoke pot.
Better bands would have helped the 5 O’lock, since it was primarily what was expected to draw it’s customers. Nothing special about the food, or the bar to draw customers. And no, better bands at this club wouldn’t help your so called “severly damaged economy”
I just was down State St. and saw numerous businesses open, people up and down the sidewalks, even several shopping on the sidewalk at a clothing store. I didn’t notice any empty storefronts. (except the 5 O’lock, and that’s because I knew it was closed. Seems to me downtown there is doing alright. Granted it’s race week, but I’ve been downdown many times. I don’t see State Line Grill closing it’s doors. The people that bought the 5 O’clock porperty knew the sales price before they signed the papers. They knew they were supposed to pay their taxes too. This business failed directly from how it was managed by it’s owners, not anything to do with a National Economic Crisis. I am always amused how liberal Bush haters find everything the fault of Bush policies. I must remind you that the Democtats have been in control of congress since 06, and they have done NOTHING except garner themselves the lowest approval rating in history. (lower than Bush’s even) I don’t know about Bristol’s downtown real estate delema you speak of or the area’s economic crises but from where I stand I see no downturn in Nascar ticket sales, people are always buying gas, there’s loads of traffic on the roads and interstate, the Batman movie has made over $400 MILLION so far, they can’t keep ipods on the shelves. Some economic crisis. We’re not even in a recession Dude! The 5 O’clock closing and forclosure is the fault of the OWNERS. You should stop smoking that stuff so you can think clearly.
“BP232” said…......
Bush’s fault?? What a croc…
The severely damaged economy? Who’s fault is it?
This business failed because of it’s owners. They were over their head.
That’s what we were talking about.
These ppl didn’t pay their bills, or bands.
Obviously.
Had they hired and PAID quality entertainment maybe things would have turned out different for this club.
So…the US is in an economic crises, the real estate costs in downtown Bristol are insane, and better bands would solve this?
Dude, you may be the only one in the area smoking better pot than me.
You are absolutely right CaptainKona,
The banks tell everyone that the properties that they are buying are worth only half of what they are paying, but yet, the land owners disagree, and since they own the land, they get to make the rules. If you want it, youu are going to have to bleed badly for it.
The property owners here are pigs and sadly, the city caters to the rich property owners, and have already stated that they will help get another victim for Ms Burnette to bleed dry.
Maybe McDonald’s can make a lot of money from a little plot of land here, but not an average person!
The owners are acting the way the old english lords did in the dark ages. If you can make 1 dollar, they take 90 cents.
Sadly, every rented property in East TN, West Va, will have to be empty and the community starving to death before the wealthy in this community will drop the prices to allow a human being to be able to start a business and actually make enough money to survive.
If you want a healthy community, you have to help each other, not feed off of their corpses like the wealthy do in this community.
Bush’s fault?? What a croc…
This business failed because of it’s owners. They were over their head.
These ppl didn’t pay their bills, or bands. Had they hired and PAID quality entertainment maybe things would have turned out different for this club.
When you combine the lethargic Bush economy with a piece of commercial property that’s dramatically overpriced, what you get is high overhead. High overhead only works for major corporations, not small business.
Too bad, perhaps this ridiculous figure ($475,000) will come down to a reasonable digit one day. It’s downtown Bristol, not Beverly Hills. All the rent and selling prices downtown are outrageously inflated.
Once again, greed kills commerce in Bristol.
For a property like that, IT WOULD BE A DREAM COME TRUE, for soo many people wanting to go into business like myself. So much potential, and uniqueness..
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