Property transfers take place for Grandma’s Restaurant Co. in Duluth

Last month, Grandma’s Restaurant Co. announced that the longtime partnership of its founders, Michael Paulucci and Andy Borg, was ending.
After 39 years, Paulucci had decided to sell his holdings in the company to Borg, his longtime business partner. According to a company release, Paulucci wants to spend more time with his wife and family.
So far, property transfers of more than $4 million have been recorded in St. Louis County in connection with the company ownership change.
The sale of the original Grandma’s Restaurant property at 522 S. Lake Ave. recently was recorded for $3.15 million, and the sale of the Grandma’s Sports Garden property at 425 S. Lake Ave. was recorded at $1.17 million.
Paulucci and Borg were in their 20s when they started the first Grandma’s Restaurant in Canal Park in 1976. Together, they built the company into its current nine businesses with its corporate headquarters in Canal Park.
“(Paulucci) felt strongly that the person responsible for building this company be given the first opportunity to take over ownership. Also, Andy was the only one he could talk into buying him out,” according to the release that was spiced with humor.