Silver Peso, a 65-year-old dive bar in Marin County, is preparing to reopen under new ownership at 450 Magnolia Avenue in Larkspur.
The historic bar has been closed since May 2025 after a car crashed into the building, causing significant structural damage, according to SF Gate. The business was recently purchased by Conor Flaherty and Max Perry, owners of Sam’s Anchor Cafe in Tiburon, from Rebel Lee, who has owned the bar since 2015.
The sale was announced on February 5, 2026, in a Facebook video, and the buyers plan to officially take over around March 7, pending the transfer of the liquor license. The reopening date is described as fluid, with the team hoping to welcome customers back by St. Patrick’s Day on March 17.
Lee first joined the Silver Peso as a bartender and worked there for 15 years before purchasing it from Rick and April Adams in 2015. In recent years, Lee has largely operated the business from his bedroom due to his condition. Flaherty and Perry had previously attempted to purchase the bar about seven years ago, but Lee declined at the time.
Repairs to the building have required months of construction work. Renovations include structural improvements, new flooring, bathroom upgrades, new tap lines, new beer taps, and a new point-of-sale system.
The property has operated as a tavern since 1938 and was renamed the Silver Peso in 1961, when Chester Wolmack, a U.S. Navy diver, purchased it. Wolmack reportedly used money earned from retrieving silver coins from Manila Bay after World War II to buy the bar. Janis Joplin was known to frequent the establishment in the late 1960s.
Despite changes and rising home values in Larkspur, where the average home now exceeds $2 million, the Silver Peso has maintained its dive bar character. The new owners plan to contact former bartenders about returning, and staff from Sam’s Anchor Cafe may assist during the initial reopening period.
