A foreclosure sale for the 49 remaining parcels at Santa Ysabel Ranch, about 500 acres of home lots in Templeton, is scheduled for auction at 11:30 a.m. Nov. 23 outside the San Luis Obispo County Courthouse.
David Weyrich, trustee of the ranch, has defaulted on a roughly $23 million loan through Lafayette-based R.E. Loans Inc. that packages the ranch with the Carlton Hotel in Atascadero, which the firm is also foreclosing on.
But instead of selling the landmark Atascadero hotel on the courthouse steps, R.E. Loans consultant Rick Dishnica said they are negotiating a forbearance agreement on the property.
That means the firm will delay taking action on the hotel until a time Weyrich and the lenders agree on.
“That’s the request (Weyrich) made and we’re coming to an agreement to work cooperatively together to find a solution,” Dishnica said.
The negotiations could end a few months after the anticipated sale of the ranch, he said.
The amount of unpaid debt on the packaged loan, including interest, was not available, but Weyrich has been defaulting for “more than a year or so or very well more than two years,” Dishnica said.Weyrich could not be reached for comment.
The Paso Robles businessman has faced numerous financial challenges involving his personal as well as business assets. He has lost major holdings in wineries, vineyards, hotels and his Cayucos and Paso Robles homes.
Most notably has been the foreclosure of his Martin & Weyrich tasting room in eastern Paso Robles because of an estimated $17 million in unpaid debts.
If R.E. Loans doesn’t receive a bid on Santa Ysabel, the lender will take ownership of the property, Dishnica said. The minimum bid won’t be disclosed until the sale begins Nov. 23.
The sums Weyrich owns on Santa Ysabel and the Carlton individually weren’t available because they are packaged into one loan.
The Carlton is assessed at about $13 million. The value of the ranch was not available because it is divvied up per lot.
The Carlton’s new restaurant that opened this fall, Shockley’s at the Carlton, won’t be affected by the hotel’s impending foreclosure while its tenant lease is in place, Dishnica said. In August, restaurant officials declined to disclose the terms of their lease.
— Tonya Strickland
TechXpress gets Cambria contract
The Cambria Community Services District recently awarded San Luis Obispo-based TechXpress with a competitive IT outsourcing contract to provide technical support services for its computer network system, including replacing the district’s outdated servers.
TechXpress, which provides network management and website and e-commerce solutions, will also continue to oversee the daily operations of the district’s computer network.
— Julia Hickey