The property that once housed the long-missing Phoenix country bar Mr. Lucky’s is set to be sold to a new owner, according to Arizona-based commercial real estate broker NAI Horizon.
Mark Wilcke, executive vice president of NAI Horizon, said Phoenix New Times the company reached an agreement with an unidentified buyer last week to purchase the 20,865 square foot property located at Grand and 37th avenues.
The deal came days before Mr. Lucky’s was auctioned a second time through the online commercial real estate exchange Ten-X. (A previous deal to sell the property last summer collapsed after the buyer may have had financing issues.)
Wilcke says the current deal – which includes the property’s 4.4-acre land, as well as Mr. Lucky’s original two-story building and its towering sign – is in receivership.
“The auction was canceled because we had a [new] buyer who came to the table before it started, ”he says. “They liked the building so much that they wanted to make an offer, and we came to an agreement with the seller.”
Wilke says the escrow is expected to close by the end of the year “if all goes well.” He declined to disclose the terms of the deal, but said the new buyer did not participate in the first auction.
This is the latest development in Mr. Lucky’s long history. As New times Chronicle in October, the nightclub and concert hall were first opened in 1966 by Phoenix entrepreneurs Bob Sikora and the late George Xericos. They built the place from scratch, including its iconic neon sign featuring a harlequin-like jester, created by famous local designer Glen Guyette.
Over the next four decades, Mr. Lucky’s became a cornerstone of Arizona’s country music scene and hosted performances by Waylon Jennings, Willie Nelson, Charley Pride, Glen Campbell, Wanda Jackson and Marty Robbins. (Members of Mr. Lucky’s famous house band The Rogues also helped Lyle Lovett land his first major contract in the early 1980s.)
In 1988, Mr. Lucky’s was purchased by local country musician J. David Sloan, who then added an outdoor arena for riding bulls and was instrumental in the musical career of the Valley resident (and future winner of American Idol) Jordin Sparks.
Mr. Lucky’s 38-year career as a country music hall ended in 2004 when Sloan left the company. The property operated as a Latin nightclub for a few years before closing after the Great Recession and was purchased by California investor Vahak Minassian in 2010. It has hosted several different businesses since then (including an event space, a furniture and a restaurant), but has remained largely vacant in recent years.
The property, which has become visibly decrepit since its heyday, has been listed for sale several times since 2012.