Weyrich’s continuing money woes

May 22, 2013

carlton2David Weyrich, the owner of the Carlton Hotel in Atascadero, is working to keep the landmark hotel off the auction block.

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.

 


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Jorge Estrada

It is a little rude to talk about someone elses money but as for his works, the Carlton was a great job and the public should help through usage. Lately I’ve been enjoying a big fat steak and a glass of red wine at the bar. Very good, not noisey and they accept Amex.


Mr. Holly

Sorry, there is no bar and hasn’t been one for years. Np restaurant either. looks like your creditability is worse than Weyrick’s.


Jorge Estrada

I do not want to sound Hollyer than thou but I did say a big fat steak and a glass of red wine at the bar. Unless the restaurant closed a few weeks ago, try as I say and use your own Amex.


justchuck

For sympathy, look in the dictionary spendthrift and terrible.


justchuck

between (lol)


Mr. Holly

ATown needs to get in line also as he owes them close to $250,000 in back bed taxes. EWeyrick must have pretty could credit with ATown or do they just not get it?


Citizen

Too bad the Heritage Oaks bank got involved in loaning Weyrick money. I could never trust this bank knowing how they made risky loans to Weyrick, Gearhart, Karen Guth and Joshua Yaguda (jailbirds), and Dee Lacey.


tomsquawk

Found money goes fast


Rawhide

Wife’s Inherited money down the drain…I wonder what his wife thinks of him.


Rawhide

Inherited money down the drain…I wonder what his wife thinks of him.


Spirit Filled

My wife and I know David & Mary very well. They like all of us have their personal problems but work on them day to day. They are committed to each other in the spirit of our Lord’s love.


Like our marriages. We all have our up’s and downs. Hopefully more ups than downs. My wife and I have had many downs mostly my fault. 48 years of fault. Wonder when she’s going to dump me? I really don’t deserve her. She’s good even to the point of being an angel. I’m not so good. Just working on it. I have even been known to ask her, so how we doing together today? I know, stupid question for a man to ask. Being vulnerable is not one of my gifts but what the hell, she’s the one with the brains in my family.


When I ask her she does not let me down gently. She tells me the truth as she sees it and I try to think about what she said. Another gift that most men don’t have…..The gift of listening with their hearts not their brains and not trying to fix something other than themselves.


I’m dun. God Bless


BeenThereDoneThat

Yea and they like to hide behind the Lord. When they build the Carlton they put at least one or two business OUT OF BUSINESS because they didn’t pay. The next time you are shooting the bull with them, why don’t you ask them what the bible says about holding a man’s pay?


David+Mary=HYPOCRITES!!!!


Spirit Filled

I am referring to their marriage and how they are together as a married couple.


It is never right to with hold people’s money; I never said anything about his business dealings of which I know nothing about.


God Bless all who care so much.


ironyman2000

Oh puhLEEZ.


Maxfusion

So, this gentleman has accumulated a 900,000 dollar tax bill in ten years? Are we to understand his property taxes are 90 grand a year? And for what? To insure a cabal of bloated bureaucrats can draw lavish salaries, bloated retirements, and unrealistic benefits. Welcome to CaliScrewYou.


BeenThereDoneThat

He was trying to live like a billionair on a millionair’s budget. The $200 million he got is a lot but not for the kind of spending spree that proceeded it. Like they said he is over encumbered or LACKS LIQUIDITY!!! You can’t just buy up everything and not leave money for taxes and other expenses. Economics 101 David.