New York's Tavern on the Green, once highest-grossing US restaurant, bites the dust amid recession

Just three years ago, it was plating more than 700,000 meals annually, bringing in more than $38 million.

But that astronomical sum wasn't enough to keep the landmark restaurant out of bankruptcy court. Its $8 million debt is to be covered at an auction of Baccarat and Waterford chandeliers, Tiffany stained glass, a mural depicting Central Park and other over-the-top decor that has bewitched visitors for decades.

Even the restaurant's name is up for grabs. At stake is whether another restaurateur taking over the 27,000 square feet (2,500 square meters) of space, owned by the city, can reopen as Tavern on the Green.

For 75 years, since it first opened amid the Great Depression, the Tavern has attracted clients from around the world.