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Weyrich property auctions postponed until Tuesday

The public auction today of key properties owned by David Weyrich -- one of the most prominent businessmen in the county – was postponed until Tuesday, at 11:30 a.m. on the steps of San Luis Obispo’s old courthouse on Osos Street.

The holdings being foreclosed on are 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 on Paso Robles’ eastside; 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’s sales filed with San Luis Obispo County. The properties were put up as collateral for an estimated $20 million that Weyrich has borrowed from Transamerica Financial Life Insurance Co., a subsidiary of Netherlands-based AEGON, official documents show.

Between 40 and 50 people gathered on the courthouse steps to watch the noontime proceeding. Some said they had no stake in the auction, but were simply there for curiosity; others were brokers who would only say they were representing “interested parties,” and still others said they would make bids if the auction proceeded.

The postponement was not announced until around 12:30 p.m. when the public auctioneer Sheryle Machado, of All American Foreclosure, was informed by phone of the decision by Susan Davis in Los Angeles. Davis represents Transamerica, the creditor foreclosing on the properties.

Machado could only say the decision to delay was made “at the beneficiary’s (AEGON’s) request.” However, a number of the real estate agents in the crowd who were there representing “interested parties” speculated that Weyrich might be getting private bids to buy the properties and that the offers are serious enough for AEGON to consider delaying the auction.

Additional coverage will be posted on SanLuisObispo.com Saturday and in The Tribune.

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