CODY — How much is history worth to the right buyer? Several people are trying to secure a future for one of Cody’s signature steakhouses by promoting the important, and even seedy, local legacy for nearly a century.
Cassie’s Supper Club has been one of Cody’s most popular and iconic restaurants for decades. RE/MAXElevation has the property listed for sale at $1.69 million.
Many properties are sold with staged photos or by leveraging the potential of the building or the land it sits on. RE/MAX Elevation enlisted local historian Bob Richard to film a video in the historic restaurant discussing its colorful history and sordid secrets. That includes a stint as a house of prostitution.
RE/MAX isn’t looking for a buyer — they’ve had plenty of offers for the property, and some have been turned down. They’re looking for the right buyer.
“We’ve had a lot of interest and many offers, but none of them have made the cut,” said Brenton Hayden, CEO and managing partner of RE/MAX Elevation. “We want someone who has the money and wants the job of running Cassie’s. That’s what we want, what the seller wants, and what the community wants.”
Wares With All
Cassie’s Supper Club, also known as Cassie’s Water Place, opened in 1933 at 214 Yellowstone Ave., a 7-acre parcel just outside the city limits of Cody. It’s served several functions, been several buildings and catered to different clientele since it opened.
Richard was happy to lend his historical expertise to RE/MAX’s Cassie’s video. His family’s history is built into the structure.
“My heart's in it because my great aunt's cabin is there,” he said. “My grandfather built the cabin on Agnes Volkmer’s homestead. She sold the property to the city of Cody and moved the cabin to this lot. Cassie’s was built around her cabin.”
Richard points out the façade of the family cabin, which is still recognizable as one of the walls and doorways inside Cassie’s. He also pointed out the partitions where women “sold their wares” during the restaurant’s early days.
“(Cassie) had a restaurant, but this (area) was divided off into six different rooms with curtains,” he said. “That was still here in the 1950s.”
Cassie’s hasn’t shied away from its reputation as a house of ill repute. It’s proudly displayed on the wall still.
“The original permit for prostitution is framed on the wall,” said Devon Federly, the RE/MAX associate who came up with the idea for the video.
Cassie’s changed hands multiple times, and many owners added to its unique footprint. At least five historic structures on the property have had walls removed and altered to accommodate the restaurant's floor plan.
Federly made the video as part of RE/MAX’s effort to increase the property's visibility, but he said he would have made it regardless.
“I more or less just wanted to do it for myself,” he said. “I didn’t see it as a marketing experience. I’m fascinated by the history of Cassie’s and wanted the opportunity to talk with Bob. If the cameras were there and rolling, it worked for me and was really fun.”
Videos aren’t unprecedented promotion tools in real estate, but Federly said it’s rare to find a property that merits that kind of attention.
“I’d do a video for any property, but it’s hard to find a Cassie’s out there,” he said.
Cassie's Supper Club in Cody is for sale, and the 92-yeear-old steakhouse’s sordid history is being used as a selling point. The local landmark has a historic — and at times seedy — Western history, including a stint as a house of prostitution. (Andrew Rossi, Cowboy State Daily) 
Cassie's Supper Club in Cody is for sale, and the 92-yeear-old steakhouse’s sordid history is being used as a selling point. The local landmark has a historic — and at times seedy — Western history, including a stint as a house of prostitution. (Andrew Rossi, Cowboy State Daily) 
Cassie's Supper Club in Cody is for sale, and the 92-yeear-old steakhouse’s sordid history is being used as a selling point. The local landmark has a historic — and at times seedy — Western history, including a stint as a house of prostitution. (Andrew Rossi, Cowboy State Daily) 
Cassie's, a Cody staple since 1933, is closed as a new owner evaluates the potential of the historic restaurant. (Andrew Rossi, Cowboy State Daily)
Selling As Is
Cassie’s is very important to the Cody community and has a national reputation as a historic steakhouse. Hayden said there’s been a healthy level of interest in the property since RE/MAX listed it
“I’ve been showing it twice a week to serious people,” he said. “I have commercial properties that we’re lucky to show twice a month. Cassie’s is different.”
Hayden said they’ve been “entertaining several offers” but many have fallen apart or been declined because they didn’t fit the vision for what Cassie’s was, is, and could be. The historic steakhouse could be retrofitted into any number of businesses, but that wouldn’t be keeping in the spirit of Cassie’s.
“We’ve had offers for Korean barbeque, Nashville barbeque, wedding venues, and mini golf,” he said. “But we’re working hard to promote the history to carry on its legacy. That’s the seller we want.
Cody residents' greatest fear is losing another historic structure. Several structures have been torn down because the land they occupy is more valuable as an empty lot.
Fortunately, that’s not on the menu for Cassie’s.
“We aren't negotiating any deals with developers right now,” Hayden said. “We're not overly interested in the structure being torn down, and we've turned away a lot of developers and big national teams that want to build a building there. We’re putting off those conversations because we're focused on finding somebody to keep Cassie’s going.”
The eccentric history of Cassie’s construction is part of its appeal. Hayden and the current owner, who is “highly motivated” and working closely with the RE/MAX team, are adamant that the right buyer will recognize this and build their business to its benefit.
“We don't think somebody will come along and want to put a million dollars into an old building,” Hayden said. “We'd rather see them put a million dollars into operating a business within an old building and using its charm, patina, and history to bring in customers rather than starting from scratch. We’re trying to sell Cassie’s as it is, show it as it is, and what its highest and best use is. That’s its current form, not a modified or renovated form.”
Sex Sells?
Cassie’s went from being deliberately built outside of the purview of the City of Cody into one of the town’s most famous and popular establishments. It’s spent most of its history as a dancing and live music venue and has lured in several celebrities, including former president George Bush, Steven Tyler, and Henry Winkler.
Hayden and Federly say they’re leaning into Cassie’s history as a selling point. Even its more sordid stories bring something to the table.
“We definitely don’t promote its history as a brothel, but it’s part of a long, written history,” Hayden said. “The brothel thing hasn't played, and we're not trying to play it. It doesn’t help us but hasn't hurt us either.”
The history helping sell Cassie’s is the smaller stories that emerge whenever locals are asked about their memories and experiences in the historic steakhouse.
“There's a big moose on the wall that somebody donated to the bar,” Hayden said. “Anytime he's in there, he says, ‘That's my moose I killed that with my son. That’s the prostitution permit, and this is where my son got a scar when he hit his head on the corner.’ There are all these fun stories we're getting from people every time we bring them through, even people from out of town.”
Everyone investing in the sale of Cassie’s hopes that the right buyer will recognize the value of its history. They’ll build their future around the past.
“The good, the bad, and the ugly is everything that makes that building what it is,” Federly said. “There are different years of different projects and buildings within that building. It’s a cool conglomeration of Cody's history. That’s what makes the building so special.”
Cassie's, a Cody staple since 1933, is closed as a new owner evaluates the potential of the historic restaurant. (Andrew Rossi, Cowboy State Daily) 
Cassie's, a Cody staple since 1933, is closed as a new owner evaluates the potential of the historic restaurant. (Andrew Rossi, Cowboy State Daily)
Finding A Threading A Summer Needle
Hayden said RE/MAX has received nearly a dozen serious offers for Cassie’s that have “fallen apart for one reason or another.” Still, interest in the property is high.
“It's a high-profile listing,” he said. “All of our marketing data shows local, regional, and nationwide interest. We are targeting people in the area more than some out-of-towner or out-of-stater, as we believe it has the most value to somebody who understands its history and what part it plays in the community.”
Federly's video with Bob Richard has been seen by thousands of people, many of whom had their own memories at Cassie's, they were eager to share. The team finds this encouraging, as it demonstrates how invested Cody residents in are in preserving this unique structure from their town's story.
The sellers and the owner are happy to patiently wait for the right buyer to surface and make an offer, but they’re hoping that a deal will be imminent before the end of May. Hayden described it as finding the right needle in a haystack with a deadline.
“Our confidence is pretty high,” Hayden said. “That's why we haven't changed the price. We haven't had anyone argue the price with us. But we’re very motivated to make a deal soon. If the owner misses out on May and June, they’ve missed some of the best months in Cody. We want to salvage as much of the spring and summer market as possible.”
Richard, for his part, is happy his historical insight is adding value to the deal. He hopes Cassie’s will reopen as the steakhouse he’s known his entire life.
“I want it to stay as a steakhouse, but I know it’s about economics,” he said. “We all want to preserve as much history as possible, and I always enjoy going to the Irma and other places to share their history, but the key is to provide good service and good food. Without that, Cassie’s isn’t going to survive, no matter what restaurant you start.”
Andrew Rossi can be reached at arossi@cowboystatedaily.com.
