One last summer for Donovan's Owner: Contract in place for sale of beach bar BY AMANDA BELING Staff Writer Longstanding shore meeting place and watering hole, Donovan's Reef in Sea Bright likely has just one more summer before it becomes part of Jersey lore like The Tradewinds before it. Owner Robert Phillips confirmed Tuesday that Donovan's has been sold and that there is a contract in place with a Toms River-based development firm. "It's probably going to take the better part of a year or more to close on it because of all the environmental issues and permits and procedures that need to be handled, so Donovan's will remain as is through another summer," he said. Phillips declined to disclose the sale price, but said the buyer is Robert Stone Associates. The firm was not the only entity that has shown interest in the waterfront property. Back in August, the borough of Sea Bright pursued negotiations to purchase the property as part of its Smart Growth plan. Opinions were divided on the borough's plans for Donovan's and talks ended because borough officials said the asking price of $4.5 million was too high. According to Borough Tax Collector Patricia Spahr, the total assessed value of the Donovan's beachfront property is $1,090,600. "It breaks down with the land being assessed at $738,400 and the improvements [structures on the property] are assessed at $352,200," she said Tuesday. Phillips noted that the purchaser will likely develop the property as mixed use with condos and small businesses. Three partners with a common heritage bought Donovan's Reef on Aug. 10, 1976: Phillips, Edward Bowler and James Leo, who was bought out by Dr. Robert Carducci in 1987, Phillips explained. "The only thing we all had in common when we bought the place was that we were Irish Catholics in Jersey City and we all loved John Wayne movies, which is why we named the bar Donovan's," he said. Bowler passed away last year, and not long after, the partners decided that it was time to sell. "It's time to move on. This was our 32nd summer here, and I just turned 71 years old and the business wears on you. It's not what it was when I came in 36 years ago. It's just time to move on," said Phillips.