Beanie Babies billionaire is holding California Four Seasons hotel 'hostage' ... trends now
An iconic California luxury resort known to attract celebrities has been held 'hostage' for three years by the Beanie Babies billionaire as the beachside property undergoes improvements.
Ty Warner, 78, initially closed off the Four Seasons Resort The Biltmore Santa Barbara at the height of the COVID-19 pandemic and has yet to announce a reopening date.
Warner, who is worth an estimated $5.2 billion, purchased the property for $150 million in 2000. He also owns 54-story Four Seasons Hotel in New York City which also remains shut down.
'We are in the process of getting it back up and reopening, renovating, getting it set to go,' Ty Warner Hotels and Resorts spokesperson told SFGATE. 'Right now there's no timeline. We're actively moving on improvements, but the timeline is still TBD.'
The beanie babies maker is known to keep a low profile and hasn't offered a lengthy interview to the media since 1996.
Ty Warner, 78, initially closed off the Four Seasons Resort The Biltmore Santa Barbara at the height of the COVID-19 pandemic and has yet to announce a reopening date
Warner, who is worth an estimated $5.2 billion, purchased the property for $150 million in 2000
While Warner is known for his beloved beanie babies, he also keeps an extensive property portfolio extending to his New York hotel property, Sandpiper Golf Club, San Ysidro Ranch and Montecito Club, the news outlet reported.
All of Warner's properties, aside from his hotels, are in operation.
The Santa Barbara resort was one of his most loved properties known to attract celebrities since it opened in in the 1920s.
'Since opening in 1927, The Biltmore has been beloved by countless visitors to Montecito and Santa Barbara, including locals, celebrities and heads of state,' Visit Santa Barbara President Kathy Janega-Dykes told SFGATE.
'We look forward to the day when the property and its staff can once again become a source of our region's pride and joy.'
Hotel workers are anxiously waiting for Warner to announce their return to work date as 250 filed a $6 million lawsuit alleging labor disputes and loss of wages, the SF Gate reported.
'A vast majority have not found comparable employment, resulting in evictions, foreclosure of mortgages, unpaid bills, the
