The old King Arthur’s Strip Club building was sold on Tuesday to a former produce wholesaler from Quincy, according to the Boston Herald, beating out Revere businessman Charlie Lightbody – who is currently under indictment for wire fraud related to the Wynn casino land deal.
Demetrios Vardakostas, who once owned Bostonia Produce and worked out of the Produce Center, purchased the property for $1.35 million, the Herald reported, at an auction on the site. Lightbody bid $1.3 million.
The Chelsea License Commission stripped the club of all of its licenses, including its liquor license, last summer. That said, the purchaser is not able to re-open the club as a strip club/bar without a completely new set of licenses from the Commission.
The owner said that he had no intention of opening a bar or club, but rather on investing in a potential hotel to support the Wynn casino just across the way in Everett.
Outgoing City Manager Jay Ash said he was glad to see that chapter of the City close before he leaves.
“I’m happy to see that chapter in the city’s history come to an end,” he said. “The building has been both a physical blight and a psychological burden on the city for far too long. We’ve done so much to improve our image and our economy and I’m glad to see this building going into new ownership with new potential to be part of the new Chelsea.”
There is, however, still a lawsuit against the Chelsea License Commission by the former group associated with King Arthur’s concerning the removal of the liquor license and the entertainment license. The sale of the building, however, is likely not associated with the progress of those suits.