Madison Square & Garden Cafe in Laguna Beach is sold to foreign investor
Madison Square & Garden Cafe in Laguna Beach has been sold.
Owner Jon Madison reportedly sold the restaurant, gift and home decor shop at 320 N. Coast Hwy. for $5 million to a foreign investor.
According to a news release from Marcus & Millichap, a commercial real estate company involved in the sale, the investor bought the property for cash.
The Orange County Register reported that an entity incorporated Jan. 5 called Laguna Beach FL Management bought the site. Its registered agent is Liang Fang.
The building, a Craftsman bungalow built in the early 1900s, had been listed for $6.5 million in April. It is in the city’s north gallery district.
Madison did not respond to a request for comment about the sale.
He said in April that he’d like to spend more time with relatives who were moving to Southern California from the East Coast.
Madison co-purchased the property in 1997 for $455,000 before becoming its sole owner. The restaurant opened in 1998.
Madison ran unsuccessfully for Laguna Beach City Council in 2014 and faced criticism after questions were raised about his college degrees, birth date and work history.
Twitter: @BradleyZint
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