Escrow Closes in Sale of Card Club to Flynt

Hustler magazine publisher Larry Flynt has closed escrow on the bankrupt El Dorado Club and is hoping to open the card club within five months, according to his attorney.

A federal Bankruptcy Court judge approved the $7-million sale of the Vermont Avenue club to Flynt in December. Alan Isaacman, Flynt’s attorney, said the sale was finalized Tuesday and applications for a license and business registration have been submitted to the state and federal government.

The El Dorado Club opened in 1968, but faced increased competition in later years from card clubs in Inglewood and Compton. Owners of the club filed for Chapter 11 bankruptcy in May 1996 and the El Dorado closed four months later.

Before closing, the club had acquired several debts. As part of the sale, the city will recoup more than $1 million in overdue license fees owed by the El Dorado Club.

Isaacman said Flynt is planning to renovate the club before it reopens.

“He’s looking forward to it,” Isaacman said. “This is a very challenging project and he hopes it will be a successful business.”