Marc Barnes, owner of failed Love Nightclub and The Park at Fourteenth, and his wife Anne filed Chapter 11 last week. Love Nightclub is up for sale and in order to keep their creditors at bay and sell the mega-club without any problems, Barnes filed bankruptcy.
“By the filing, [Love] sought to protect its real estate holding, which consists of a parcel of commercial property, currently the subject of a contract of sale,” said bankruptcy attorney Kim Y. Johnson in court papers. “The debtor has several secured and unsecured creditors who prior to the petition date were unwilling to work with the debtor to modify the loans in order to allow for the closing of the aforementioned sale.”
The Park, according to documents, has approximately $50,000 in assets and between $1 million and $10 million in debts. Still, Barnes and Love reported assets and debts each in the range of $1 million to $10 million.
Barnes’ creditors include Citi Cards, Countrywide Homes Loans, GMAC Mortgage, Honda Finance Exchange Inc., the Internal Revenue Service and Saks Fifth Avenue.
Barnes’ has been a fixture on DC nightlife for more than a decade often bringing A-list celebrities and musicians to his clubs including Jay-Z, Beyonce and Drake.
Note: The Park at Fourteenth will still be in operation and is, according to court documents, current on bills.