The mayor's wife's power boat is sold

Restaurant Events, Inc., listed as owner

Tiki Time
  • Tiki Time

A 28-foot power boat listed in the name of Restaurant Events, Inc., the company owned by Katherine Stuart, wife of mayor Kevin Faulconer, has been sold.

Wayne C. Jones Yacht & Ship Brokerage reported online that the craft, which had been for sale for $17,500, has been purchased. However, the Jones brokerage would give no more information, such as the transaction price. Stuart is out until Friday and the mayor's office did not answer an inquiry.

The boat, named Tiki Time, was built by Chantiers Beneteau S.A. in Saint-Hilaire-de-Riez, France, in 1992. The name "Tiki" is one that seems to tickle Stuart: she was part-owner of a high-end beauty salon/spa across from the convention center, named Spa Tiki. She sold her shares in 2007 and it closed in 2009.

Late last year, Stuart's Restaurant Events was worth between $100,000 and $1 million, Faulconer reported, according to a story by Matt Potter in February of this year. Potter explained that the company specializes in a number of things, including negotiating terms for downtown permits for block parties.

In 2010, Potter wrote a story noting that in 2006, city ethics commission chief Stacey Fulhorst wrote to Faulconer, then a city councilman, "Your spouse's ownership in Restaurant Events and Spa Tiki constitutes economic interests for you that must be considered when these business entities are directly or indirectly involved in municipal decisions."

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It costs a lot to own and operate a boat. Kevin may have been getting help from Uncle Sam by writing the boat off against his wife's taxes. I wouldn't put it past him. Hiding the boat in the wife's business looks kinky. I also wonder whether he paid market rates for the boat slip. A lot of connected investors operate marinas on city property.

Burwell: These are excellent questions. The boat may have provided tax writeoffs -- say, for entertainment purposes. What about insurance? Why was the boat listed under her company's name? To get such things as block parties through the bureaucracy, were San Diego government employees entertained on the craft? And then such expenses written off? Best, Don Bader

That looks like a lot of boat for $17K. Or maybe it is just the way the photographer made it look. In a location like San Diego, a boat isn't that big a deal. In fact, that price seems very low for a boat of that length. Whatever the situation, this doesn't seem like a big potential scandal at all.

It's worth twice the sale price. It has legacy of America's Cup. Maybe no scandal now, but how did she get such a great deal from the America's Cup that she can dump it for half of its value?

Ponzi: Was $17,500 the sales price? It was the price listed. But the company is not talking about the transaction price. Best, Don Bauder

Visduh: The boat may not wind up being a scandal, but Restaurant Events, Inc., raises many, many questions. One of them is its ownership of that boat. Why was it in her company's name? Best, Don Bauder

Wish I had seen that listing! Who'd they sell it too, Jerry Sanders? I would have bought that motor-cruiser for $17K cash in a New York minute. She did not just come across that, she had connections with the America's Cup and probably got an inside, sweetheart deal. The America's Cup had commissioned a few of those crafts and then sold them after the event. Just letting something worth $40K+ for half it's value is proof she was dumping it.

Seriously, if that sale falls through, I will bring a briefcase of $100 bills for $17K to close. This just goes to show that the city insiders get the best deals. The whole Faulconer family and its cozy deals, insider deals, holy water from Jerry Sanders, and all the other vomit that these people are involved with is just insane. Why doesn't anyone see through all these corrupt and unethical dealings?

Ponzi: You are pointing your finger very astutely to some of the mysteries surrounding this craft and its purported sale. Several things do not add up. Best, Don Bauder

Hizzoner did not want to answer any questions about the boat during the election. One of the media contacted Hizzoner when they couldn't find any record he paid property taxes on a boat. He did not respond to the questions. There's something very wrong with that boat. I'd like to see some transparency. Hizzoner should cough up the log so we can see who rode that boat. Provide checks to show who paid the insurance, slip fees, etc.

Burwell: I believe you are alluding to KPBS. It got the Faulconer to admit he owned a boat, but couldn't get anything else. Faulconer wasn't talking. I agree: there hasn't been transparency on that boat. Best, Don Bauder

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