How to lose $200 million in 10 years

November 23, 2009

How do you go broke, in style? [New York Times]

First, you sell the family billboard sign business for millions of dollars.  Next, you funnel the funds into real estate, wineries, jet airplanes and a newspaper chain.

When things start to look bleak, borrow money. Everyone lends to David Weyrich — at least they used to.

On Friday, if Weyrich is not able to come up with the $20 million he owes his creditors, properties such as his wineries, luxury inns, and vineyards will be sold on the SLO county courthouse steps.

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This is really a sad deal, he’s really a pretty nice guy. Just to big of ego…thought anything he did would turn to gold.

The Gazette newspaper is not defunct. Weyrich sold them and his press to News Media Corp. of Rochelle, Illinois in 2002. It publishes the Paso Robles Press, Atascadero News and the Gazette. It doesn’t take an investigative journalist to see the Gazette newspaper widely distributed in Paso Robles. I noticed the NY Times attributed “now defunct” to Cal Coast News and I’ve seen it in the SLO Tribune several times. Makes me wonder if they ever come to north county.