In 1999, restaurant developer
Pat Kuleto purchased the property in conjunction with chef Mark Franz. It took them and their investors eight years to completely rebuild and modernize the facility at a cost of 14 million. They encountered major environmental challenges as a stream flows beneath the restaurant's kitchen, and specimens of the
California red-legged frog, a threatened species, were found on the site. just as the
Great Recession was beginning. Saddled with the burden of $13 million in debt during a time of economic insecurity, the venture was unable to become profitable. In a letter to investors, Kuleto said that the venture had been a "complete disaster," with the result being a "complete loss of your financial investment." Kuleto's own losses were $5 million. The business was sold to Highway 1 Hospitality LLC in 2011, In 2024, the boat shack at the end of the pier was destroyed by fire. ==References==