Posted 8.12.13 @ 12:10 by: Staff

We’ve been following the epic of what’s going to happen to Captain John’s restaurant all year. From how they wanted to sink it in Lake Ontario, how it could have been a casino boat, how it hasn’t had electricity or running water for months, and how no one really knows exactly what to do with it – but the wait might be over. Eclectic self-made millionaire Branko Kavcic really, and I mean REALLY, wants to buy this boat. He’s an avid collector of all kinds of outrageous treasures; he owns a Blackhawk that Elvis drove, a massive monster truck and even a 48’ yacht.

Try, Try, Try Again

Last year the 66 year old entrepreneur offered $1m for the boat. Branko Kavcic is originally from Slovenia, the same as the boat, Jadran. He’s been trying for the last year again and again to get this boat, but of course he had some conditions attached to the purchase (wouldn’t you?).

His original offer was that he’d pay $673,000 for the Jadran, but the original owner would retain a 20% stake in the boat. He wanted to be guaranteed another 15 year lease on the boat and reopen it as a dining and entertainment venue. The Toronto Port Authority won’t do this though – because the area is different now. It’s condos, yachts, and high end living; the last thing the port authority is going to do is grant a long term lease when the area is in. His offer was contingent on a response within 30 days, but he didn’t hear back for months.

Willing to Spend Up to $3m Restoring it to Its Former Glory

He’s still willing to buy Captain John’s, even willing to spend $3 to buy it and fix it up so it can reopen – but one of the biggest problems is that the Port Authority just can’t give that kind of lease.

An interesting point to note is that he’s gone as far as to order a marine survey to find out just how much the boat is really worth; like many before him, the value of this piece of luxury real estate is in the eye of the beholder. The boat itself wouldn’t fetch more than a minimal value even as scrap, and that’s saying something.

The kitchen will take the majority of work to bring up to standards and get running again, but even then Kavcic seems bound and determined to get his dream off the ground.

Will it Sell?

With all the problems and with the original owner, Letnik, stripping the boat of anything of value, including the brass portholes and carved wooden panels, this dream may not float. This is another story of Caveat Emptor and not letting your heart rule your head.

It’s easy to get stuck on a property, especially when it reminds you of your childhood home or the one you’ve always dreamed of. Don’t end up buying the home you think you want only to get the one you really DIDN’T want!

If you’re looking for a home or thinking about selling the one you own, give us a call. We’re Oakville luxury realtors and we have the experience that makes the difference.

Pertinent and insightful information on Oakville real estate as well as commentary on current events in our community.