Bye-Bye Billy Bob's: Honky Tonk Sold At Foreclosure Auction
Apr. 05, 1988
FORT WORTH, Texas (AP) _ Billy Bob's Texas went on the auction block Tuesday and was bought by a local bank that was the largest creditor of the landmark honky tonk.
Landmark Bank of Fort Worth, the only bidder, purchased Billy Bob's Texas and other property owned by Billy Bob Barnett for $8.2 million during a public auction on the steps of the Tarrant County Courthouse.
Bank officials declined to comment on their plans for the club.
The property was owned by Stockyards 85, a partnership controlled by Barnett.
One of Barnett's Stockyards development companies, Stockyards South Inc., filed Tuesday for protection under Chapter 11 of the federal bankruptcy code.
Barnett has been fighting financial problems for almost two years and closed Billy Bob's Texas on Jan. 7. Lawsuits totaling $2 million have been filed against Barnett's Stockyards interests for unpaid bills and overdue loans.
Landmark Bank filed a foreclosure notice on Billy Bob's Texas nightclub and other Stockyards 85 property on Feb. 9. The foreclosure documents said Stockyards 85 failed to repay two loans totaling $10.8 million.
The 8,000-seat Billy Bob's Texas club, featuring 42 bar stations, opened in 1981. Although successful in drawing tourists to the Stockyards District, the nightclub had lost money for at least a year before its closing.