5/30/2013 02:01:00 PM

Valentino Property Up for Sale After 41 Years

Selvaggio says it might be time to sell
Do you have $4.9 million? If so, you could buy one of LA's most iconic Italian restaurants, Valentino. For the past 41 years, the Pico staple in Santa Monica has been serving giant veal chops and pasta to celebrities and 'foodies' before that was even considered a term. If Valentino closes its doors, we will only have Dan Tana's or Matteo's to carry on anything close to this kind of clout in the long-standing, old-school Italian arena.

It appears that the charming 67-year-old owner Piero Selvaggio is ready for a new challenge, but he is really selling the hot Westside real estate  more than the entire restaurant. "The property and the land is being put for sale and I may sell the whole package contingent upon this deal," he told us.

Rather than redo the eatery one more time, Selvaggio would rather update with the times to a smaller and simpler concept - be it on that piece of land or another one nearby. "I don't need a 200 seat restaurant with 10,000 square feet anymore, we do a lot of private events but I want a smaller place where my eyes are everywhere," says Selvaggio. Sorry potential buyers, the staggering 100,000 bottle wine cellar is not for sale. "That is our asset, it will go w us wherever we go. 40 years is a record in this town and we are still going strong." We wish him the best with the sale and look forward to the next chapter.

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