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Paso Robles winery owner faces foreclosures

By   /   Friday, November 13th, 2009  /   Comments Off on Paso Robles winery owner faces foreclosures

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UPDATE [1:30pm, Nov. 20]: The auctioning off of San Luis Obispo businessman David Weyrich’s properties on York Mountain Road near Templeton and Los Ranchos Road near San Luis Obispo was postponed Friday morning — at the beneficiaries’ request — until Tuesday Nov. 24.

Unless San Luis Obispo County businessman David Weyrich comes up with nearly $20 million, his winery, vineyards, bed and breakfast and a host of other properties scattered around Paso Robles may go on the public auction block Nov. 20. Weyrich also faces notices of default on nearly $20 million in loans backed by properties he owns or has an interest in.

Weyrich faces foreclosures and scheduled trustee’s sales of properties owned by Martin and Weyrich Winery, the eighth largest winery in the Tri-Counties in 2008 with 93,000 cases of wine shipped. Creditors have foreclosed on properties on York Mountain Road near Templeton and Los Ranchos Road near San Luis Obispo, according to title records obtained by the Business Times.

A foreclosure occurs when a borrower can’t repay a loan and the lender seeks to take the property that backs the loan. The minimum bids are set at $14.5 million and $5.1 million, respectively, according to title records.

Altogether, Martin and Weyrich Winery’s properties include more than 250 acres of vineyards, according to Martin and Weyrich’s Web site. The company’s site says the firm also owns Jack Ranch Vineyard in Edna Valley.

Weyrich also faces notices of default on nearly $20 million in loans backed by other properties he owns or has an interest in throughout San Luis Obispo County, title records show. A notice of default is typically filed when a borrower has missed payments for at least 60 days.

Over the summer, creditors filed a notice of default against Martin and Weyrich Winery for a loan backed by a 17.6-acre lot of agricultural land on Buena Vista Drive near Paso Robles. The loan amount is $11.3 million, according to title records.

Some of Weyrich’s personal properties also face notices of default.

In July, creditors filed a notice of default on a $5.9 million loan for an 8,776-square-foot home near Paso Robles owned by Weyrich, according to title records obtained by the Business Times. The house has 18 rooms, two fireplaces and a four-car garage, according to the title records.

On Sept. 28, creditors filed a notice of default on a $2.4 million loan for an 8,000-square-foot home that Weyrich owns in Cayucos, according to title records. That home has seven rooms, a three-car garage and one fireplace, the title records obtained by the Business Times indicate.

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