NEW YORK (CelebrityAccess MediaWire) — The iconic CBGB brand once attached to the legendary East Village nightclub that helped to launch the careers of the Ramones and the New York Dolls, is once again headed for the auction block.
The estate of the club's founder Hillel "Hilly" Kristal, who died in 2007, will be selling the brand, including rights to trademarks, domain names, recordings and artifacts in an auction, the San Francisco Chronicle reported.
"We're expecting it to trade well in excess of a couple million," asset specialist Jack Hazan told the Chronicle.
This isn't the brand's first trip to the proverbial rodeo. Kristal's estate previously sold the brand to CBGB Holdings LLC for $3.5 million, 1.1 million of which was cash with the rest covered by a secured note. CBGB Holdings however, went belly-up and the Kristal estate regained control of the brand through foreclosure.
The auction is being conducted by Needham, Massachusetts-based Streambank, which specializes in 'intangible asset' auctions. – CelebrityAccess Staff Writers