Weyrich holdings sold
May 4, 2012
A luxury vineyard inn built by Paso Robles millionaire David Weyrich, and what was once the Martin & Weyrich Winery, have been sold to a Chinese investment group.
Weyrich lost Villa Toscana, which had become the centerpiece of his local holdings, to a foreign lender in 2010. It’s been closed since then.
The picturesque Villa Toscana quickly became the premier location for high-end weddings and other events. But as Weyrich’s fortune dwindled because of bad investments and robust spending habits, complaints from inn employees regarding bounced paychecks began to surface.
Then, couples who had made reservations for 2010 weddings were informed that their deposits — in some cases, as much as $10,000 — were not going to be returned.
Weyrich received his investment capital in 1998 when he sold Martin Media for $610 million, a company previously owned by father-in-law Edward Martin. The proceeds were divided up between family members and investors.
During the past decade, Weyrich invested in a number of risky business ventures, including a chain of “family-values” newspapers, scores of upscale real-estate developments, wineries, hotels and a jet-leasing business. He purchased millions of dollars in property, jet aircraft and a yacht.
Weyrich owes approximately $60 million to more than 150 agencies, lenders, vendors and individuals, according to inside sources familiar with his finances.