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

Two of America’s best-known billionaires are at odds over a new clam shack in Nantucket.

San Francisco Giants owner Charles Johnson, 90, is trying to stop 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 around $5 billion, owns a simple shack that sits next to the restaurant in the famous tycoon’s enclave.

But another billionaire who also lives nearby – investment guru Charles Schwab – has spoken out in favor of the new food company, much to the delight of its owners.

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

Johnson and a group of his neighbors who have residences on the historic Old North Wharf have spoken out against the 62-seat restaurant, arguing it will generate too much noise and congestion.

Local community councils, however, supported the development.

Gabriel Frasca, one of the restaurateurs behind the project, said the lawsuit could delay their planned opening in early summer and that the lawsuit brought by the wealthy Resistance party cohort has been financially draining.

“It’s one of the many headwinds we’re fighting. We remain hopeful that we can open this season, but it is difficult to continue spending time and money on a project that we may have to stop at any time, ” Frasca told the boston globe.

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

Johnson 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 her perceived ignorance of the “traffic, noise, congestion and parking issues” the restaurant may create.

Johnson’s attorney said his property would be just 18 inches from the clam shack. Although the cabin is modest in size at just 1,200 square feet, it is valued at nearly $6.5 million.

Billionaire businessman Charles Schwab, 85, whose support the owners say is a pleasant surprise.

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

Former mutual fund executive and current majority owner of the San Francisco Giants Charles Johnson and his wife Ann are strongly opposed to the opening of the new restaurant

Billionaire Charles Schwab was initially opposed to the new restaurant opening but is now in favor and backing the restaurant’s developers

However, last month Schwab said in a statement through his attorney that he never objected to the restaurant opening and that he was never represented by deBenedictis.

A lawyer for Schwab said his client was initially worried when told about the project, but “quickly adjusted” his stance when he received a fuller picture of the restaurant’s plans.

Schwab’s attorney wrote in an April letter to the city and state liquor commission that ‘the Schwabs and many neighbors of Old North Wharf were originally concerned when told them that the Straight Wharf Fish Market would be a nightclub with a bar, dancing and live music.

“However, when a permit review showed that was not the case, the Schwabs decided not to object” to the restaurant.

“We’re all looking forward to enjoying a fresh clam roll and a cold twist cone on port,” wrote attorney Steve Cohen.

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

The owners have years of experience opening and operating restaurants on the New England Island. Plans for this restaurant include a 14-seat dock and a menu that will feature classics like lobster and clams, as well as more modern dishes.

Frasca told the Globe he was “a bit surprised” when he learned about the lawsuit, but said he expected Johnson’s lawsuit would not be the last the restaurant faces.

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

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

Despite continued opposition, Frasca says he remains optimistic that the restaurant on the quay will be able to open this summer

Despite continued opposition, Frasca says he remains optimistic the restaurant will be able to open this summer.

“Obviously, missing even one day of these sales has an outsized impact on our ability to turn a profit,” he said. “Given that most restaurants operate on a 10% profit margin (at best), it’s pretty easy to see what the effect of missing part of peak season would be.”

Sarah Alger, a lawyer representing the Old North Wharf Co-op, said she thought members of the group generally agreed with Johnson’s sentiments.

“I know there was kind of an effort to make it kind of a David and Goliath story. I don’t really see that as being entirely accurate,” she said. “You know, that whole folk clam shack thing. It’s not a clam shack. It’s a restaurant.