Oz dance club bought for $8.175 million by Mike Motwani

Local developer Kishore "Mike" Motwani outbid Sidney Torres IV on Wednesday (July 22) for the ownership rights to the Oz, agreeing to pay $8.175 million for the Bourbon Street dance club.

Motwani must close the deal and pay in cash by Aug. 15. If he fails to do so, the rights go to Torres whose final bid was $8.125 million.

The live auction took place before Judge Elizabeth Magner in the U.S. Eastern District Court of Louisiana.

The sale of the business and property at 800 Bourbon St. came after the owners -- Johnny Chisholm, Doyle Yeager and Bobby Warner -- declared bankruptcy in October, unable to pay off millions of dollars in loans that came due that summer.

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