UCSB Acquires Dublin’s, Precious Slut Property

Extending its tentacles into Isla Vista, UCSB is poised to acquire the property of the pub Dublin’s, tattoo parlor Precious Slut, and food delivery service I.V. Menus. Located on I.V.’s busiest street corner at 910 Embarcadero del Norte, the one-quarter-acre property is currently owned by Jason Yardi, who is the son of Yardi Systems founder Anant Yardi. UCSB spokesperson Andrea Estrada said escrow on the property would close January 28 at the earliest; she declined to comment further until the deal is finalized.

Tenants expressed confidence that their businesses would stay intact for the time being. Riccardo Fundament, who is the owner of Dublin’s, said he still has several years on his lease. “It’s not a big deal. Everything continues as normal,” he said. “The fact is the university is buying everything.”

University administrators notified the tenants in writing of their plans to buy. Workers were reportedly on site recently to look at the roof, among other things. Yardi purchased the property in 2002; it was last assessed at about $1.4 million and pays $17,114 in property taxes, according to county records. It is unclear how much UCSB paid for it or if it was partially donated. It is also unclear when UCSB could make significant changes.

Two years ago, the property was in the spotlight when Yardi’s architect Jeff Shelton went before the county’s Board of Architectural Review (BAR) with a proposal to bulldoze the Irish pub building and tattoo shop and construct a four-story 36,500-square-foot property with residential, commercial, and hotel units called The Nest. Opponents raised parking and water issues and charged the plans failed to fit in with I.V.’s rustic beach-town character. The proposal never returned to the BAR.

Last year, the University of California’s $156 million purchase of three Tropicana student apartments caused a stir because the move eventually takes the properties off of the county’s tax rolls. The 500 or so Santa Barbara City College students who lived there will be displaced sooner or later, but they can continue to live there for “the forseeable future,” Estrada said.