Former McLintocks restaurant property in Shell Beach changes owners after foreclosure auction
Dave Alley
SAN LUIS OBISPO, Calif. (KEYT) – The building that once housed the iconic F. McLintocks Saloon and Dining House in Shell Beach has new ownership after a foreclosure auction was held Tuesday morning.
The legal proceeding took place in the breezeway at the Katcho Achadjian San Luis Obispo County Government Center where it attracted a couple dozen people in a gathering was said to be much larger in size for a real estate auction.
Shortly after 11 a.m., auctioneer Mike Bixler announced an opening bid amount of $2,430,525.26, which officially opened the process for anyone to make an offer.
However, after just a few moments, no bidder came forward, so Bixler announced the property would be awarded to the holder of the first deed of trust.
“The property was foreclosed upon by the the group that had the first loan on the property,” Pat Palangi, Principal with Pacifica Commercial Realty Principal, who marked the property with McLintocks owner Toney Breault. “They were unpaid and they exercised their rights to foreclose on the property.”
The foreclosure comes about two months after its Breault was found dead in his place of residence in downtown San Luis Obispo.
Following his death, the foreclosure process began on the iconic property that was once the home of was arguably the most famous restaurant in San Luis Obispo County.
For more than 50 years, McLintocks was renowned for its lively atmosphere, extensive collection of cowboy memorabilia, and legendary oak pit barbecue steaks and seafood.
At one time during its heyday, McLintocks ranked as one of the most profitable restaurants in the United States and later helped create a chain of smaller similar restaurants in Arroyo Grande, San Luis Obispo and Paso Robles.
Now, the Shell Beach property is owned by the trust holder, who will now decide on the next steps for the high-profile two-acre site that includes the 14,000 square foot commercial building.
“The new owners will decide how to market the property or likely put it back on the market,” said Palangi. “I expect that the property will be back advertised on the market in the short term.”
Palangi expressed surprise that one no one put in a bid on the property, but speculated several complexities likely raised too many question marks.
“There were indications that some people would (bid),” said Palangi. “But there’s risk in buying something completely as is on the courthouse steps. You don’t have the normal protections of a normal transaction with title insurance and ability to fully investigate the property and look at the condition and do all of your buyer assessments.”
At the time of his death, Breault also owned three other San Luis Obispo businesses, the smaller McLintocks Saloon and Grill and Buffalo Pub and Grills on Higuera Street and Frank’s Famous Hot Dogs on Monterey Street.
Tuesday’s auction was only for the Shell Beach property and does not include the other three San Luis Obispo businesses.
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