WKU Public Radio News Staff
Sat June 29, 2013
Teresa's Restaurant Sold at Auction
After 16 years as a local landmark and gathering place on Bowling Green's Gordon Avenue, Teresa's Restaurant is changing hands after being sold at a public auction Friday afternoon.
Jim Chestnut and his family, the owners of the Colonial Inn in Russellville, bought the restaurant for $300,000 plus a buyer's premium. The opening bid was $250,000. The winning bid was made by Chestnut's son, Mike, who said it was a spur of the moment decision and added, "I imagine we'll keep it running like it is for a while." It hasn't been decided who will manage the restaurant now or if the name will remain the same.
Jim Chestnut said he plans to talk with his family about its future. He told the Bowling Green daily News, "Whatever we do it will be home cooking, country style. Whether that means we'll expand the menu, it depends on what the needs are there." He and his family have owned Russellville's Colonial Inn since 1987.
Teresa Blair Reno has owned "Teresa's" for 25 years, the last 16 at its present location. But she's been in the business for for more than 35 years and she told WKU Public Radio earlier this week that she just doesn't have the passion for the business anymore and wants to finally take some time for herself to spend more time with her family and, especially, her three young grandchildren.
After a July 26th closing date, she said she'll stay on as a consultant for a month or so if the Chestnut family needs her help. Blair Reno said she wanted to be able to pay off what she owed on her restaurant as well as her house and the $300,000 selling price should give her more than enough to do both.