Read the full story at Key Weyrich properties go to lender in auction
North County businessman David Weyrich lost key real estate holdings to lender Aegon at a public auction today after an unsuccessful attempt at finding a buyer for the properties.
'); } -->
North County businessman David Weyrich lost key real estate holdings to lender Aegon at a public auction today after an unsuccessful attempt at finding a buyer for the properties.
The properties now in Aegons possession include the luxury hotel Villa Toscana and Martin Weyrich Winery, vineyards and tasting room in Paso Robles; York Mountain Winery and vineyards in Templeton; and Jack Ranch Vineyard in San Luis Obispo.
Since the late 1990s, Weyrich had invested millions of dollars into housing developments, a jet service, wineries and hotels in the county. But he has been steadily losing ground to his creditors in the last two years.
Martin Weyrich LLC owed Aegon more than $17 million for the properties. The firm had postponed the auction three times since November because Weyrich was working with a private buyer to buy out Aegons interest, but no buyers ultimately stepped forward with terms satisfactory enough to the lender, according to brokers and lenders close to negotiations.
For more on this story, pick up Tuesday's edition of The Tribune.
SanLuisObispo.com is happy to provide a forum for reader interaction, discussion, feedback and reaction to our stories. However, we reserve the right to delete inappropriate comments or ban users who can't play nice. See our full terms of service here.
Here are some rules of the road:
You should also know that The Tribune does not screen comments before they are posted. You are more likely to see inappropriate comments before our staff does, so we ask that you click the "report abuse" button to submit those comments for moderator review. You also may notify us via email at webmaster@thetribunenews.com. Note the headline on which the comment is made and tell us the profile name of the user who made the comment. Remember, comment moderation is subjective. You may find some material objectionable that we won't and vice versa.
If you submit a comment, the username of your account will appear along with it. Users cannot remove their own comments once they have submitted them, but you may ask our staff to retract one of your comments by sending an email to webmaster@thetribunenews.com. Again, make sure you note the headline on which the comment is made and tell us your profile name.
About comments
Reader comments on SanLuisObispo.com are the opinions of the writer, not The Tribune. If you see an objectionable comment, click the "report abuse" button below it. We will delete comments containing inappropriate links, obscenities, hate speech, and personal attacks. Flagrant or repeat violators will be banned. See more about comments here.