It’s not just prominent hotelier John King who’s struggling in San Luis Obispo County. Smaller developers and real estate investors are having a hard time, too.
San Luis Obispo-based Barkwood Development filed for Chapter 11 bankruptcy protection in late July, listing $2.4 million in liabilities and $7.5 million in assets. In an unrelated case filed shortly afterward, San Luis Obispo real estate broker and investor Patrick Aurignac filed for Chapter 7 personal bankruptcy.
Barkwood is developing 5.5 acres at the corner of Pine Ave. and Los Osos Valley Road in Los Osos for the construction of 26 single-family homes. The vacant lot is slated for 10 two-story Spanish-style houses with a remainder parcel that could hold 16 houses, according to Richard Friedman, managing member of Barkwood Development.