Greasewood Flat sold, lease agreement keeps it open - WFSB 3 Connecticut

Greasewood Flat sold, lease agreement keeps it open

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Iconic bar and restaurant Greasewood Flat in Scottsdale will remain open - at least, for now.
CBS 5 News first told you earlier this month that the owners were in debt, but Wednesday a developer bought the land and plans on giving them a lease. 

"It is my family's legacy, past, present, future, and we want to be able to keep it going," general manager Hoyt Johnson III said. He said the band will play on for at least another year, thanks to a lease agreement with the property's new owner, developer Taylor Morrison. 

"It sits on that dirt but that dirt isn't what makes Greasewood," Johnson said. "What makes Greasewood is the people there, the atmosphere."

With the highest bid, Taylor Morrison will pay nearly $7.8 million for the 42 acres, at least half of which will go to paying back taxes and other fees.

"It's exhausting because it's the process of not knowing what's happening tomorrow," Johnson said.

Taylor Morrison tells us they plan on working with Johnson to keep Greasewood Flat open.

"People are worried they're going to be a party and we're going to close," Johnson said. "People were worried we were going to close tomorrow because of today."

They hope this lease keeps their legacy alive. 

"I'm not going to worry that far out," Johnson said. "Right now, I know we've got another year to have a blast at Greasewood Flat and that is the most important thing I could possibly say."

Taylor Morrison has 90 days to finalize their agreement. There are two backup offers waiting in the wings just in case, both of which will also honor the lease.

Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.

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