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Weyrich properties hit the auction block

By   /   Friday, February 5th, 2010  /   Comments Off on Weyrich properties hit the auction block

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San Luis Obispo County businessman David Weyrich gave up several large properties, including the winery named after him, at a public auction Feb. 2, the Tribune reported.

Aegon, an insurance and financial services firm and one of Weyrich’s creditors, now owns the Martin and Weyrich Winery and Villa Toscana, a bed-and-breakfast near Paso Robles, as well the York Mountain Winery and vineyards in Templeton and Jack Ranch Vineyard in Edna Valley, the Tribune reported.

Weyrich has been an influential force in San Luis Obispo County since the ’90s, when he started to accumulate wineries, hotels and housing, but he came into trouble in recent years as the real estate market hit meltdown.

As the Business Times previously reported,  creditors filed a notice of default in mid-2009 against Martin and Weyrich Winery for a loan backed by a 17.6-acre lot of agricultural land near Paso Robles. The loan amount was for more than $11 million, according to title records obtained by the Business Times.

In July, creditors also 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 the 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. That home has seven rooms, a three-car garage and one fireplace, the title records obtained by the Business Times indicated.

A public auction for Weyrich’s properties was first scheduled in mid-November, but was postponed three times as he unsuccessfully tried to wrangle out a private deal for the properties.

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