After 35 years as a business tenant, Paul Hennessey has purchased the property housing his flagship Hennessey’s Tavern where the Pier Plaza meets the Strand in Hermosa Beach.
Hennessey opened the seaside restaurant, the first of six in the South Bay and 10 more around Southern California and in Las Vegas, long before the makeover that converted the scruffy western end of Pier Avenue into the sparkling pedestrian plaza.
“We used to call it ‘where the debris meets the sea,’” he recalled.
The eatery was 1,500 square feet until he expanded into the business next door, and operated under long-term leases until the recent purchase for an undisclosed price.
A couple of decades ago Hennessey had his first opportunity to buy the property from a family trust, but was outbid by racecar driver and automotive businessman Bill Krause.
“He bid twice what I offered. I thought it wasn’t worth it at the time, because it had to be earth-quaked [retrofitted for earthquake safety], but he proved me wrong,” said Hennessey, who wound up buying from Krause.
“I still had another 10 years on my lease,” Hennessey said. “Now I’ve got a lifetime lease – I hope that’s at least 10 years,” he added with a laugh.
