Billionaires at war over Nantucket CLAM Shack: SF Giants owner Charles Johnson wants it shut down

Two of America’s most famous billionaires are at odds over a new Nantucket clam shack.

Charles Johnson, 90, owner of the San Francisco Giants, is trying to prevent the Straight Wharf Fish Market from opening this summer, fearing it will cause noise and congestion in the area where he lives.

Johnson, who is worth an estimated $5 billion, has a humble shack next to the diner in the magnates’ famed enclave.

But another billionaire who also lives nearby – investment guru Charles Schwab – has backed the new food venture, much to the delight of its owners.

Johnson filed a lawsuit May 12 in Nantucket Superior Court to invalidate the permits that the Straight Wharf Fish Market had received from the relevant authorities.

Johnson and a group of his neighbors who have residences on historic Old North Wharf have opposed the 62-seat eatery, arguing it will create too much noise and congestion.

However, local community councils have supported the development.

Gabriel Frasca, one of the restaurateurs behind the project, said the lawsuit could delay their expected opening in early summer, and that the lawsuit brought by the resistance party’s wealthy cohort is financially draining.

“This is one of the many headwinds we have to fight our way through. We continue to hope that we can open this season, but it is difficult to invest time and money in a project that we have to stop at any moment,” Frasca told the newspaper. Boston sphere.

He said it will be a challenge at this point to meet the planned July opening date.

Johnson has asked the court to overturn the state’s April 11 approval of the restaurant’s liquor license, which was granted by the Select Board in March.

Danielle deBenedictis, Johnson’s attorney, called the decision to approve the liquor license inappropriate due to alleged ignorance of the “traffic, noise, congestion and parking problems” the restaurant may cause.

Johnson’s attorney says his property would be just 18 inches from the shellfish shack. While modestly sized at just 1,200 square feet, the cabin is valued at nearly $6.5 million.

One voice that has emerged as a pro-clam shack is billionaire businessman Charles Schwab, 85, whose support the owners say is a pleasant surprise.

DeBenedictis had initially told the Select Board that in addition to Johnson, she also represented Schwab and a number of other high-profile dockside residents.

Former director of mutual funds and current majority owner of the San Francisco Giants Charles Johnson and his wife Ann strongly oppose the opening of the new restaurant

Billionaire Charles Schwab was initially against the opening of the new restaurant, but is now in favor and supports the eatery’s developers

Last month, however, Schwab stated in a statement through his attorney that he never opposed the opening of the restaurant and was never represented by deBenedictis.

A lawyer for Schwab said his client was initially concerned when he was made aware of the project, but “quickly adjusted his position” when he got a more complete picture of plans for the restaurant.

Schwab’s attorney wrote in an April letter to the city and the state’s Alcohol Beverage Commission that “the Schwabs and many of Old North Wharf’s neighbors were initially concerned when they were told the Straight Wharf Fish Market was going to be a nightclub with a bar, dance and live music. .

“However, when a review of the permits showed that this was not the case, the Schwabs decided not to oppose” the restaurant.

“We all look forward to enjoying a fresh clam sandwich and a cold soft-serve twist-cone on the docks,” wrote the attorney, Steve Cohen.

Frasca said the Schwabs have been “incredibly friendly” and that the business team behind the Straight Wharf Fish Market “appreciates the trust they have shown in us.”

The owners have years of experience opening and operating restaurants on the island of New England. Plans for this restaurant include a 14-seat dock and a menu of classics such as lobster and clam rolls, as well as more modern dishes.

Frasca told the Globe he was “a little surprised” when he was told of the lawsuit, but said he expects Johnson’s lawsuit won’t be the last facing the restaurant.

“Really, I think Mr. Johnson just doesn’t want property next to a clam shack. And while I understand the sentiment, that’s not a good reason to ban the opening of a well-zoned business,” he said.

The Old North Wharf is home to a number of very expensive waterfront properties, several of which are owned by billionaires

Despite the continued opposition, Frasca remains optimistic that the restaurant on the quay can open this summer

Despite the continued opposition, Frasca remains optimistic that the restaurant can open this summer.

“Obviously, missing even one day of those sales has a huge impact on our ability to make a profit,” he said. “Given that most restaurants operate within a 10 percent profit margin (at best), it’s pretty easy to see what the effect would be of missing some of the peak season.”

Sarah Alger, a lawyer representing the Old North Wharf Cooperative, said she believes members of the group generally agree with Johnson’s sentiments.

“I know an effort has been made to make it into a David and Goliath kind of story. I don’t really see that as being that accurate,” she said. “You know, the whole folk shellfish thing. It’s not a mussel hut. It’s a restaurant.’