Paso Robles businessman David Weyrich may be on the verge of closing a deal with a single buyer for key real estate properties under his Martin Weyrich LLC umbrella as well as The Carlton hotel, according to a source close to the negotiations.
The fate of several of those properties — including the Paso Robles Martin and Weyrich Winery, the Villa Toscana, York Mountain Winery and Jack Ranch Vineyard — is at stake.
One of Weyrich’s major lenders, Transamerica Financial Life Insurance Co., tried to force them into a public auction over the past several months. The most recent had been scheduled for Monday but was postponed until Feb 1.Weyrich is behind on his loan payments to Transamerica by more than $20 million, according to documents filed with the county.
He is also in default by at least $23 million to another lender, Lafayette-based R.E. Loans, which is holding as collateral Weyrich’s Atascadero hotel, The Carlton, as well as thousands of acres at Lake Nacimiento and in Santa Ysabel Ranch, according to Barney Ng, spokesman and a former executive at R.E. Loans.
Weyrich called Ng before year’s end to discuss an offer that had been made on the Martin Weyrich properties and The Carlton, Ng said.
“All I can say is that it was made by an interested party and would resolve a number of issues,” Ng said. “I just told him to hammer out the deal and then I’d take what they had (to R.E. Loans) to see if they’d accept it.”
Neither Weyrich nor members of his family responded to The Tribune’s request for comment. Weyrich’s attorney, Jane Heath, also did not return The Tribune’s call.
— Melanie Cleveland