Jack Ranch Vineyard in Edna Valley, once one of the myriad holdings of Paso Robles businessman and developer David Weyrich, will be auctioned on the courthouse steps at 11:30 a.m. July 8.
Jack Ranch Vineyard is a 294-acre property, with 146 acres of planted grapevines near the San Luis Obispo Country Club Estates.
Lender RE Loans LLC., of Lafayette, reported an unpaid balance on the property of nearly $11.4 million. The ranch has an assessed value of nearly $5.8 million, according to public records.
Weyrich defaulted on a roughly $23 million loan through R.E. Loans that packaged several holdings, which include the Jack Ranch, Carlton Hotel and Santa Ysabel Ranch. The firm is still negotiating a forbearance agreement on the Carlton Hotel, delaying taking action on the debt owed on it until Weyrich and the lenders can agree on an amount.
In January, 47 parcels that foreclosed at Santa Ysabel Ranch in Templeton went back to R.E. Loans because no one bid for them at the foreclosure auction. The company reported at the time that they would attempt to market the home parcels, valued at a total of $8.2 million.
Once the owner of a chain of local newspapers, a small fleet of jets, wineries, hotels and land, Weyrich saw his business holdings begin to collapse in 2009, when two large lenders, Wells Fargo Equipment Finance and Key Equipment Finance, won a suit against Weyrich, claiming he owed them more than $22 million.
Most notable was the February 2010 surrender of Martin & Weyrich Winery, Villa Toscana bed & breakfast, two tasting rooms, York Mountain Winery and Jack Ranch to Netherlands-based lender Aegon Group, as collateral for $17 million in loans. R.E. loans at the time alleged a competing first claim on the deeds of trust on Jack Ranch Vineyards.