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|37. New Jersey: $1.7 mil for a Liquor License (New Jersey)
Do I hear $1.7 million?
Philly Inquirer Columnist
August 30, 2007
The partners of Swanky Bubbles paid $1.6 million for their liquor license as they took over the former Olive on Evesham Road in Cherry Hill. This may be an all-time U.S. record, if lawyers who watch such issues are correct.
Also significant is that Swanky Bubbles is not some deep-pocketed chain. Besides the Cherry Hill operation, the partnership has a Swanky Bubbles in Old City and Macs in Somers Point, N.J.
The license held by Brio Tuscan Grille, an Ohio-based Italian chain that opened this week at the old Garden State Park site, cost $1.5 million.
Licenses in Pennsylvania and New Jersey are sold on the open market, subject to supply and demand.
Top prices in Philadelphia are about $70,000, while the most anyone can recall paying for one in the Pennsylvania counties is $350,000.
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