Jolly Roger sells for $11.1M

A bidding war was prelude to the sale of the Jolly Roger building in downtown Laguna for a near-record price — $11.1 million.

The sale may stand out in terms of price per square foot, but according to the new owner, nothing is going to change to the landmark restaurant.

The building, which occupies the southeast corner of Laguna Avenue and Coast Highway, has been home to the Jolly Roger for more than 50 years, owner Ritchie Sang said.

Sang’s new landlord, Sam Goldstein, bought the 13,590 square-foot property for $11.1 million through his Radford Ventures, LLC.

“It’s a great location for commercial real estate,” Goldstein said. “It’s a first-class neighborhood.”

Real estate broker John Przybyla, whose company Marcus and Millichap represented both buyer and seller, said the deal was one of the highest per square foot in the market.

“There were lots of bidders,” Przybyla said. “It shows there’s an appetite of investors wanting to pay the price.”

Goldstein said he was attracted to the property for its location and has no intention of disrupting the businesses of current tenants.

The Jolly Roger is approximately 13,590 square feet, consisting of a two-story building with upstairs patio and elevator, and a usable basement.

The structure has a historical building status.

“The building needs some repair, but I hope the current tenants will work with me on that,” Goldstein said.

Sang has owned the Jolly Roger since November 2005 and is the restaurant’s fourth owner.

Having invested $500,000 in improving the property, Sang said his intention is to continue to improve his business.

“We’re known for our traditional and welcoming atmosphere,” Sang said. “People come for our breakfast, but we’ve been developing a dinner menu as well.”

Fresh seafood is on its way to becoming a new tradition for the Jolly Roger as it markets to the nighttime crowd, Sang said.

Another of the Jolly Roger’s traditions is in its waitresses.

Jeannie Mallarian has worked at the restaurant for 25 years, Sherry Astrella for 24 years and Betty Bowman for 21 years.

Having served celebrities such as Warren Buffett, Rock Hudson, Kobe Bryant, Dennis Rodman and Diane Keaton, Mallarian said her favorite people are the locals.

“People who grew up here come to visit me as they would a teacher,” she said. “I also feed the homeless all the time.”

Mallarian is relieved to hear the new landlord has no plans to change the business.

“This town needs this here,” she said.