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Captain John’s floating restaurant still up for sale

Captain John's floating restaurant still up for sale

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]

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