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Tavern auction earns $3.5 million, falls short of expectations

The three-day auction at Tavern on the Green, which closed its doors January 1, attracted more than a thousand bidders and yielded $3.5 million. The 25,000 items up for bid January 12, 13, and 14 had been appraised at $8 million but netted far less than had been expected, a disappointment to the members, the union's benefit funds, and the restaurant's numerous other creditors. Sale of the name "Tavern on the Green" could yield millions more for creditors, but only if the LeRoys, the restaurant's former operators, are found to own the rights to the name. The case that will resolve that issue is still pending in federal court.

Collins, Glenn. The Gavel Falls on Tavern on the Green. NY Times, January 15, 2010.
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