Myrtle Beach arcade owes rent and faces eviction after new owners say they were scammed
Looks like it’s game over for one Myrtle Beach arcade.
In a lawsuit filed in Horry County court the owners of THEBlvd, a popular Ocean Boulevard venue, claim that Epic Arcade is behind on rent. As of October 30, the arcade owes just over $100,000 in rent and interest, according to the suit.
The arcade, which doubles as a restaurant and bar, had to temporarily close during the pandemic. During that time they did a deep cleaning and added safety precautions top the arcade portion. The opening of the restaurant and bar was delayed until July. A spokesman for the business said business was slower than expected.
The business is still open but they now $105,005.89, with interest according the the lawsuit filed on November 18.
Chalpin bought the property in 2019 and earlier this year sued the sellers for fraud. They said they were misled into purchasing the property for $20 million when the actual value was much less. The Chalpin family bought the Ocean Boulevard property in Myrtle Beach through a series of real estate deals, including selling a complex in New York to finance the South Carolina purchase. When the Chalpins bought THEBlvd., they say the defendants manipulated the price, leading to the fraud.
The scheme started in 2016 when the owners created unrealistic leases with tenants, according to the lawsuit.
Some businesses had rents that were not sustainable over the long term, or only planned to operate during the tourist season, the suit contends. The family was not aware of either issue when buying the property.
Soon after buying the property, issues with the tenants’ rents began, the Chaplin family states. Some tenants missed payments and asked for extensions. The issues grew worse in January and February 2020 — before the onset of the COVID-19 pandemic.
