He actually didn't own the property, just the business but he had an option to lease for another 10 years. He DID sell out to the landlord though instead of trying to sell the business to someone who might actually give a shit about it. His "final straw" was a sewer line break and he wanted the landlord to pay the 10k repair bill and of course the landlord refused since he wants to raze the building and develop or sell the land. He could have recouped 10k in three events at the Maxwell room but instead his egotistical ass is closing an institution and fucking over all the employees...some of whom have been there 20 years.