I've always thought that building on leased land was kind of a weird concept.. my family has some land we lease out near the Univ. of Tennessee that has structures on them as well (one is a bank), and I've often wondered what would happen if we decided not to renew the lease. Does the structure become property of the land owner in that event? If so, does the landowner just get it for free or must they compensate the building owner for it? I guess it depends on what was written in the lease contract as to how it's handled..
Anyway, bummer about the place. I know how such weekly gatherings can become addictive
PS: It does seem however that the 'new guy' should have examined the land lease documents _before_ purchasing the place, so he should have known it was coming up for renewal (and perhaps contacted the land owners to confirm their intentions). I know that would have been a big red flag for me if it was something I was considering purchasing!
Cheers,
Brad
