Weyrich’s continuing money woes
May 22, 2013
Weyrich owes San Luis Obispo County more than $900,000 in unpaid taxes on the hotel property. Without a payment plan in place, after five-years of unpaid taxes, properties are sold at public auction.
Weyrich told the Tribune he recently paid $85,222 in property taxes for fiscal year 2012-13 and that he is working on a payment plan. Typically, payment plans include an agreement to pay 20 percent of pass due bills in annual installments.
The Carlton’s property tax bill has been in default since June 30, 2008, according to the county Tax Assessor’s office.
A little more than 10 years ago, Weyrich invested in the Carlton Hotel. The project is reported to have cost more than $20 million.
By 2010, the Carlton’s value had plummeted to about $13 million. Currently, the property is valued at almost $7.1 million, according to the 2012-13 tax bill.
In 2008 and 2009, numerous lawsuits were filed against Weyrich alleging he had failed to pay his debts. Though he owns a large number of properties in the county, it appears – according to property profile reports — most are over-encumbered.
Weyrich got his investment capital in 1998 when he sold Martin Media for $610 million, a company previously owned by his father-in-law Edward Martin. The proceeds were divided up between family members and investors.
Following the sale of Martin Media, Weyrich dabbled in a number of risky business ventures including newspapers, the development business, wine making, hotels and jet leasing.
By 2009, Weyrich was behind on payments or had failed to satisfy his debts to more than 150 agencies, lenders, vendors, and individuals, according to sources.