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.
The properties now in Aegon’s 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 Aegon’s 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.