Local restaurant legend spends $1.45 million for Monterey 3BD
Mr. Balestreri
43 Castro Rd.
Ted Balestreri bought a three-bedroom, two bath in Monterey at 43 Castro Rd. for $1.45 million from Hilda Martin on July 25.
The Martins paid $1.7 million for the property in Dec. 2003.
Coldwell Banker/Del Monte-Junipero's Tim Allen listed the 2,500 square foot home for $1.499 million. The home is located on the 13th fairway of the Del Monte Golf Course.
Mr. Balestreri is a renowned figure in the local hospitality industry and a real estate developer in the Monterey area.
He's the President and Chief Executive Officer of the Sardine Factory Restaurant, a popular restaurant in the Cannery Row section of Monterey that frequently hosts celebrities from across the country.
Balestreri and co-owner Bert Cutino built their way to the top of the Monterey restaurant scene after humble beginnings delivering sandwiches and washing dishes.
Mr. Balestreri is also the chief executive with the Cannery Row Company, a real estate development company that owns 82 percent of the property on Cannery Row, which sits on the waterfront on Monterey Bay.
He received an Honorary Doctorate of Business Administration Degree in Hospitality Management from Johnson and Wales University in 1987 and was a "Fellow" in Business from the California State University-Monterey Bay.
He has served as president and/or chair on the boards of numerous restaurant and culinary industry organizations as wells as college boards and charitable organizations.
He's won numerous leadership awards and he and his wife, Velma, appeared on the cover of Money Magazine in Nov. 1981.
Address: 43 Castro Rd.
Buyer: Ted Balestreri
Seller: Hilda Martin
Sale date: July 25