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Michael Lohan -- It's Party Time!

7/7/2010 9:34 AM PDT BY TMZ STAFF

Mere hours after his daughter tanked in court  -- Michael Lohan coped with his disappointment ... by hitting up one of the wildest bars on the Sunset Strip ... Saddle Ranch

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After leaving CNN, where he did an interview with Larry King, Michael hightailed it to the famous watering hole ... where he smiled with fans, posed for photos, and "relaxed."

0707_lohan_small_videoMichael told us he was going to call his daughter from inside the bar ... probably to make her jealous.

UPDATE: TMZ spoke with Lohan, who tells us he was only at Saddle Ranch for "All-You-Can-Eat Rib Night."

At $21.99 ... it's one hell of a deal.

But we digress ... Lohan also told us he never touched any alcohol.

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