The expected foreclosure on core properties owned by Paso Robles businessman David Weyrich — scheduled for today — has been postponed for the third time, according to a trustee sales report hotline. The new time set for public auction on the San Luis Obispo County courthouse steps is 11:30 a.m. Jan. 4.
Sources close to Weyrich say they don’t know what is going on.
“Speculation has been widespread as to what is going on, but I’m not sure anybody knows for certain what will happen,” said Chris Bausch, a real estate broker, friend and former employee of Weyrich.
The Weyrich holdings on the auction block include the Martin and Weyrich Winery, with more than 250 acres of vineyards; Villa Toscana, the luxury bed-and-breakfast inn nestled in the Martin and Weyrich vineyards in Paso Robles’ east side; two tasting rooms; the York Mountain Winery and vineyards in Templeton; and the 280-acre Jack Ranch Vineyard in Edna Valley, according to notices of trustee sales filed with the county.
The properties were put up as collateral for about $20 million that Weyrich has borrowed from Transamerica Financial Life Insurance Co., a subsidiary of Netherlands-based Aegon, documents show.
Not included in the sale is Weyrich’s signature hotel, The Carlton, located in the historic district of Atascadero, although that too is in default on its loans. In that case, the lender R.E. Loans — owed another $23 million by Weyrich — is trying to wait out the “lousy” economy, according to Barney Ng, spokesman and former principal of the lending company.
The loans on The Carlton are accruing at 12 percent interest, are cross-collateralized with each other and include properties within the Martin Weyrich wine business and thousands of acres of property at Santa Ysabel Ranch in Templeton and Heritage Ranch at Nacimiento Lake.