First piece of troubled Uncle Nearest whiskey empire to be sold off, but with a catch
AI-generated summary reviewed by our newsroom.
- Judge approved sale of 471 West Tisbury Road to Jennifer and Sekou Kaalund.
- Proceeds after a $1.5 million lien is paid must be held in escrow.
- Farm Credit says the Weavers, Uncle Nearest and Nearest Green owe over $100 million.
A federal judge has approved the sale of the first piece of the Uncle Nearest whiskey empire: The disputed house on Martha’s Vineyard.
On June 15, U.S. District Judge Charles E. Atchley granted a motion by the receiver who has been operating the company since last fall to sell the property.
Whiskey company founders Fawn and Keith Weaver have been fighting in two different cases to keep the house but Atchley, the judge in both, had days earlier denied a motion to maintain status quo, clearing the way for the beginning of the breakup.
Receiver Phillip G. Young also informed the court that on May 29 he signed a letter of intent to sell substantially all the other assets of the company.
But Atchley’s order came with a catch: Kentucky lender Farm Credit, which alleges that the Weavers and Uncle Nearest owe well over $100 million, cannot immediately receive any of the proceeds of the sale.
According to the order, proceeds after a separate $1.5 million lien is paid off have to be held in escrow for now.
The judge approved a sale of 471 West Tisbury Road, formerly known as 10 Codman Spring Road, to Jennifer Kaalund and Sekou Kaalund for $2,595,000.
Also, on June 16, the judge ordered both sides to begin briefing on the original complaint, filed 11 months ago by Farm Credit alleging that the Weavers, Uncle Nearest and Nearest Green Distillery defaulted on their loans.
