Vanderpump Rules’ Tom Schwartz just spilled how much money he lost because of his and Tom Sandoval’s ill-fated bar, Schwartz & Sandy’s Lounge.
“I probably lost 600, 700 grand, which is insane. I don’t know, 600 grand maybe,” the Tom Tom co-owner said of the now-closed bar in LA when speaking to Lala Kent on the Oct. 13 episode of her Untraditionally Lala podcast.
He went on to state that he could have made better use of the staggering amount by using it toward the down payment for a “beautiful, beautiful house” or “five rental properties” in his Florida home base. That said, “I don’t think about it anymore,” Schwartz added. “I released it … I had so much pent-up resentment and frustrations, but I let that all go. I truly let it go. I’m at peace.”
“t felt so good, it was like a demon leaving my body, and it was so nice,” he concluded.
Why Schwartz & Sandy’s Lounge closed
Schwartz and Sandy’s Lounge — a follow-up to the Toms’ successful, West Hollywood-based Tom Tom bar — shuttered in late 2024, just two years after its grand opening. On The Valley After Show, Schwartz said that when the bar was still open, he experienced “perpetual, constant anxiety” in trying to keep the business afloat, and admitted the place was “hemorrhaging money.”
After all, Schwartz and Sandoval had shelled out $1 million to open the bar.
“I’m at least proud to say that I can walk away knowing that I put everything I had into that place — almost all of my money,” Schwartz added on The Valley After Show. “Lord knows I over-leveraged myself. I feel like we really never were fully accepted or embraced by the neighborhood, but I’m f–king proud of that place.”
All said, the men’s Tom Tom bar, which opened its doors in 2018, is “still popping,” Tom Schwartz informed his Instagram followers in April.
Related: Tom Schwartz Reveals He’s Dating Someone New: “I’m in a Good Place”
What to know about Tom Schwartz’s career
The aspiring model found success before appearing on the first season of Vanderpump Rules, and since news of the show’s revamp for Season 12, he has hosted the Detox Retox with Tom Schwartz podcast.
Still, as he told The Valley’s Michelle Saniei on the May 19 episode of her Pursuit of Sassiness podcast, he hopes to tap into his creative flow and take up painting as an art form.
Related: Did Lala Kent Just “Soft Launch” A Relationship with Tom Schwartz? “Gotten Very Close”
Are Tom Schwartz and Tom Sandoval still friends?
The break in question took place following Tom Sandoval’s cheating scandal with Ariana Madix and the fallout, which also didn’t help matters on the business front. The professional drama put “a lot of pressure” on their friendship, and their relationship was “almost destroyed,” Schwartz admitted in April.
Thankfully, things are on the up and up for Tom Schwartz and his ex-wife, Katie, too.
