Asset Management & Recovery: The Demise of the Parking Lot Party

Gryphon USA, Ltd services clients through Gryphon Asset Management, Gryphon Realty Advisors and Gryphon Auction Group. Gryphon Asset Management manages operating entities and undertakes liquidation management in numerous business lines. Gryphon Realty Advisors is comprised of three divisions all working together; Residential, Commercial and Management. Projects range from single family investments and owner occupant reresentation to apartments and commercial complex disposition. Gryphon Auction Group assists clients with the sale of real property as well as commercial equipment.

The Demise of the Parking Lot Party

Last year OSU Football tailgates reached an all new high (some might say low).  We had the party bus complete with the "center support post", DJ, food, beer, corn hole games.  We had it all.  Parties were held at the legendary Riverwatch Tower on Lane Ave.  RWT is private property, so you can walk around with cocktails in your hand.  This is a no-no everywhere else tailgates are held, so the space is a premium.

After last season ended, the discussions began on how to go bigger and go better.  Almost everyone that I know would love to go back to being 18 again "knowing then what they know now." 

This years OSU Tailgate at Riverwatch Plan was borne by men thinking of how they would have thrown parties if they could afford in College what they can afford now.

The menu was planned, we spent the winter buying our new tailgate gear.  One guy bought a stainless steel party trailer with 2 keggerators.  It was all set.

Just 2 days ago, the "package" came out with the rules for this year and the order forms for the spaces.

Ouch!  That will leave a mark.  We were hit with the P word.  Riverwatch turned the place over to a PROMOTER. 

Last year the rules were pretty basic.  No Firearms.  No Drugs.  Not everyone listened to the wacky tobaccy rule, especially those girls who somehow ended up testing the "center support post" for structural integrity.

This year the rules are a little expanded.  In addition to the normal gun and drug limitations, they include:

•·        NO food or beverages may be brought onto the property.

•·        ALL food and beverages MUST be purchased from approved, on-site, vendors.

•·        No Vehicles.  I guess the bus is out.

•·        Tent Spaces - $900 per game for the entire season and $1250 per game if you don't buy the whole season.

•·        40 people can attend at the tent price.  Add 20 more for an extra $200.  No more than 60 people allowed.

•·        No large sound systems.  I guess the DJ is out and stage bands are in ???

•·        Bratwursts - $5 each.  I guess no pig roasts.

•·        Beverage prices were not disclosed in the package.  I supposed I know what that means.

After some quick calculations based on last years consumption of food and beverages and estimates on what these guys would reasonably charge us for a beer, the tailgate at Riverwatch Tower would cost us in excess of $25,000 spread over the home games.  I suppose it might be a little less since we could only have a maximum of 60 friends attend.

OK.  On to Plan B.

 

Do you have questions about distressed assets, receivership or bankruptcy sales, auctions?  Email me at rfk@gryphonusa.com and I'll try to answer it in an upcoming post.

Richard F. Kruse is the President of Columbus, Ohio based Gryphon USA, Ltd. (www.gryphonusa.com).  The Gryphon Organization includes Gryphon Asset Management providing receivership and consulting services in the distressed marketplace, United Country Gryphon Realty & Auction Group (www.ucohiorealty.com & www.ucohioauctions.com) providing real estate brokerage and auction services throughout Ohio and OnlineAuctionUSA.com (www.onlineauctionusa.com) providing commercial asset liquidations from the Midwest to East Coast. 

United Country Gryphon Realty & Auction Career Opportunities Available.  Call 614-885-0020 x 17

13 commentsRich Kruse • August 10 2007 06:54AM

Comments

Bummer dude!  I recall reading about the party bus a while back.  I thought you had already retired it. Or am I confusing your party bus with Maureen McCabes? 
Posted by Chris Elizabeth Griffith ~ Bonita Springs Fl Real Estate (Downing-Frye Realty, Bonita Springs, FL) over 2 years ago

Putting restrictions on tailgate parties in unAmerican and a violation of your rights as sports fan....hire a good attorney......

Posted by Chapman Realty Homes Brunswick Georgia over 2 years ago
Sounds like OSU found a way to make more money, good luck with the vendors! 
Posted by James Gordon REALTOR® PBD SFR SRS (Sibcy Cline Realtors®) over 2 years ago
WOW, they are profiting on an inexpensive concept.  Is this becoming the norm?
Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - Real Estate Market News (The Force Realty -Realtor>Estate>Probate>REO>Short Sale) over 2 years ago

Guess there's a new sheriff in town, huh?                                                                                                          .

 

 

 

Posted by Al Maxwell - Real Estate Agent - (Coldwell Banker) over 2 years ago

Rich:

Unbelievable.  Why are they doing this?  I have attended many OSU games and the people tail gating were always respectful and didn't cause any problems.  This must just be a money making idea.

Posted by » Bill Burress Nationwide Mortgage Originator over 2 years ago

Rich,

It's getting pretty difficult to afford to go to ANY sports event unless you are in the top income earning percentile.  It's a sad commentary.

 

Posted by Fran Gatti - Realtor®, CDPE®, RDCPro®, Crescent City CA Real Estate (RE/MAX Coastal Redwoods) over 2 years ago
Center support post? I don't want to know.
Posted by Lisa Hill (Daytona Beach Real Estate) (Florida Property Experts) over 2 years ago

Rich,

I'm sure you will find a way.  Call me when the next auction is ready to go.

Posted by Michael Hoffman - CAI, AARE, CES, BAS (Michael Hoffman & Associates) over 2 years ago

Chris - The bus was on it's last legs and probably wouldn't have been used all that much this year.  We had a trailer and were planning on Corporate Tents.  I also didn't know Maureen had a bus?  Did it have a support pole?

Julie - I have one.  Closer to 10.  They all wanted to come to the tailgate.  It isn;'t going to be pretty once the lawsuits start to fly.

James - Yep.

Al - And it ain't me.

Bill - This is only at one spot.  I don't think the rules have changed all over.

Fran - Tell me about it.  We have hockey tickets and take clients.  I expect each game to cost about $350.

Lisa - The "support post" is in the picture above.  The real question is "support what?"

Michael - I am very clever when it comes to things like this.  Only have RE auctions coming up, but will let you know.

 

 

Posted by Rich Kruse (Gryphon USA, Ltd.) over 2 years ago

Seems like any time we figure out how to have a good time, someone wants to capitalize on it - this is a real shame.  Then again, sometimes "PLAN B" turns out better than the original.

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR®
Mission Grove Realty

Posted by John Occhi, ePRO, Hemet-San Jacinto CA Real Estate, 951-443-6259 (Allison James Estate and Homes) over 2 years ago
It's always something John.
Posted by Rich Kruse (Gryphon USA, Ltd.) over 2 years ago

What ever happened to the students?!?!?  Students have hard enough time making ends meet just trying to feed themselves and crap like this makes it impossible for them to do anything related with the school.  Too many alumni and their friends feel entitled to everything OSU and are making it impossible for the students to do anything but sit at home!

The students have to move their cars so the Hummers can park for $10-15 each.  You know those are not the vehicles of students or recent grads.  I wouldn't be surprised if OSU starts imposing a fee to BBQ in any yard south of Ackerman and North of King Avenue on game days!

I am an alumni and hate to see that the students are really the ones getting left out.  It is expensive for those of us that have been out and working for a while, we have to feel for the students and fight for them to have the right to enjoy their one chance at college before going out in the real world!

Posted by Mary over 2 years ago

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