Stormy seas for Captain John's (Photo by Paul Dex)
Novelty boat-restaurant Captain John’s has managed to stay afloat for decades despite a history of legal issues, debt and poor reviews—not to mention that one of its dining boats sank after being hit by a city ferry in 1981—but its future looks grim now that owner John Letnik is jumping ship.
When the restaurant went up for sale a few months ago, the asking price was $1.5 million. Mr. Letnik had hoped that a younger, foresighted entrepreneur would take over the garish tourist draw and convert it into a floating casino or hotel. It’s been tough going: the asking price has been dropped to $1.1 million.
On-line customer reviews suggest Captain John’s had deteriorated in recent years: “I entered Captain John’s time capsule with an open mind,” one patron wrote. “Little did we know, the joke would be on us.” Seeing the non-functioning ship go for over $1 million would be a surprise, but it might be better to see it go, period. After all, Toronto has more to offer its tourists than kitsch.
• Is Captain John’s restaurant too weird to sell? [Toronto Star]
• Hidden depths at Captain John’s [Toronto Star]
Some creative and smart entrepreneur needs to buy this boat and give it new life. I’ve been to dances held on the boat and they were great fun. Someone could be laughing all the way to the bank if they figure out how to revitalize this Toronto landmark.
March 3, 2010 at 5:44 pm | by AriellaThe ship is not worth it, Letnik underestimated maintenance only due to costs that would be accompanied. There is not much rainfall in the area, but once there is a rain, to the customers astonishment rain goes from the roof to the Dubrovnik room upstairs and a plenty of buckets deployed on the floor for catching the leak are the only workaround how to bypass the problem. Real value of the wreck is somewhere between 10-20% of the advertised price.
August 17, 2011 at 2:45 pm | by employee