BY ALLISON LEVITSKY
Daily Post Staff Writer
A group of investors led by a Portola Valley couple has edged out two other bidders to purchase the 165-year-old Alpine Inn beer garden for more than $3.8 million, according to Lucy Neely, whose group of investors decided to pull out.
Neely, who organized investors under the name Portola Valley Community Roadhouse, said that her group decided to pull out on Tuesday night (June 26) as the bids climbed too high.
“We also knew about another buyer that was still in the game that we felt good about … We told them that, and we offered our support to them and my understanding is that they got it,” Neely told the Post.
The buyers, will now enter the due diligence process and hasn’t closed yet, she said. All three groups of final bidders were from Portola Valley.
“It’s such an iconic institution. It means so much to people, and it’s the first time it’s transferred ownership in 62 years,” Neely said.
The family that owned the Alpine Inn, also known as Rossotti’s or “Zott’s,” decided to sell after the bar’s matriarch, Molly Alexander, died in June 2017 at age 93.
Neely, a Portola Valley native with a lifetime of memories going to the beer garden at Alpine and Arastradero roads, started recruiting investors in May. People from Portola Valley, Woodside, Stanford and Redwood City all came forward.