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Villa Nova bids arrivederci to Newport

Historic landmark on Mariner's Mile could house new location for The Winery, a Tustin restaurant.

March 05, 2013|By Jill Cowan
  • Longtime Newport Beach restaurant Villa Nova has been sold.
Longtime Newport Beach restaurant Villa Nova has been… (DON LEACH )

Andy Crean never really thought of himself as the owner of Newport Beach's historic Villa Nova restaurant.

"I considered myself almost like a custodian," he said Tuesday of the Mariner's Mile hot spot he took over 20 years ago. "It's like a landmark. The employees and all that — it's like a family."

Villa Nova — whose original Sunset Strip location opened in 1933 and attracted the likes of Frank Sinatra and the Rat Pack — has drawn lovers of Italian classics and vino with an ocean view for since 1967 when the owners relocated to the beach.

But, as is so often the case with places that conjure times gone by, nostalgia started to overtake reality, Crean said.

"I consider it sort of like the Fun Zone at Balboa," he said. "People say they shouldn't take it out, it should be there forever, but you say, 'When was the last time you were there?' And they say, '15 years ago.'"

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So, Crean said, it was time to move on.

Thursday, the property sold at auction for about $6.3 million, according to an executive at Tranzon Asset Strategies, which ran the sale.

"[Crean] decided he wanted to retire and marketed the property himself, and I think he got somewhat frustrated," said Michael Walters, regional president of Tranzon, "so he engaged us to sell the property."

Walters said Tranzon marketed the space for "just over a month," and got about 180 inquiries. Those marketing efforts culminated in Thursday's auction. Bidding started at about $2 million, he said.

The winner of the auction, Mike Moshayedi, is in talks with the owners of The Winery, an upscale contemporary restaurant and wine bar in Tustin, to move in.

"We've been listening for the last several years for opportunities that have come our way," said JC Clow, one of the owners. "We were looking at another property in Newport when this came up, so it was great timing."

He said he'd "love to have the doors open by Nov. 1," after a significant remodel.

And that's fine with Crean — sad as the changes may seem to the regulars who frequent Villa Nova's bar area to hear Richie Fauno or celebrate birthdays in the dining room.

"Bob Dylan had a song: 'The Times They Are A-Changin''," he said. "If you can't change with the times, then get out of the way."

A number of considerations — both financial and personal, he said — inspired him to sell.

Crean said he jointly owned the property with his parents, and when the second of the two died last year, estate taxes got to be a major expense.

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