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CEOWORLD magazine - Latest - Money and Wealth - Billionaire Charles Johnson Fighting a Clam Shack in Nantucket

Money and Wealth

Billionaire Charles Johnson Fighting a Clam Shack in Nantucket

Nantucket

A local fish market near the waterfront cottage of Charles Johnson — former chairman of investment giant Franklin Resources and owner of the San Francisco Giants — and resident of the small Massachusetts island of Nantucket, is being sued by him. The lawsuit is an attempt to prevent the market from reopening as a restaurant. There is a dispute between Johnson, his neighbor Straight Wharf Fish Market, and the Town of Nantucket.

Both properties are situated on the prestigious Old North Wharf, where small waterfront homes can fetch up to $10 million. The resort community is among the most exclusive in the world. Earlier this summer, a waterfront Nantucket home sold for $38.1 million, setting a Massachusetts record. CEOWORLD magazine estimates Charles B. Johnson‘s net worth at US$4.9 billion.

Johnson has complained that Straight Wharf Fish Market and, specifically, its proposal to start selling beer and wine, might breach the peace of the New England enclave, about 30 miles off the coast of Cape Cod.

According to the lawsuit filed in May, Johnson’s residence is just 18 inches away from the fish market building. Johnson argues that the Alcoholic Beverages Control Commission acted improperly by granting Straight Wharf Fish a liquor license. He claims that the approval “ignored the negative impact that the license would have on the neighboring residences and neighbors.” Johnson’s lawyers are seeking to invalidate the license.


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CEOWORLD magazine - Latest - Money and Wealth - Billionaire Charles Johnson Fighting a Clam Shack in Nantucket
Anna Papadopoulos
Anna Papadopoulos is a senior money, wealth, and asset management reporter at CEOWORLD magazine, covering consumer issues, investing and financial communities + author of the CEOWORLD magazine newsletter, writing about money with an enthusiasm unknown to mankind. You can follow CEOWORLD magazine on Twitter, Facebook, Instagram, or connect on LinkedIn for musings on money, wealth, asset management, millionaires, and billionaires. Email her at info@ceoworld.biz.