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Judge OKs Sale of Uncle Nearest Martha's Vineyard Home
19 Jun
Summary
- Federal judge approved the sale of an Uncle Nearest property on Martha's Vineyard.
- The Martha's Vineyard home is under contract for $2.59 million.
- The sale aims to help Uncle Nearest repay creditors in a financial dispute.
A federal judge has authorized the sale of a Martha's Vineyard property connected to the Uncle Nearest whiskey brand. U.S. District Judge Charles Atchley Jr. greenlit the sale of the Edgartown-West Tisbury Road residence on Tuesday. The property, situated on a 0.6-acre lot, has a sale contract valued at $2.59 million.
This ruling is part of an ongoing receivership process for Uncle Nearest. Lenders initiated this action, alleging the company owes around $100 million and has defaulted on loans. The home had previously drawn attention for hosting high-profile marketing events for the brand.
The proposed sale faced a temporary delay for an independent appraisal. After reviewing valuations and holding a hearing, Judge Atchley determined the $2.59 million offer was in line with the appraised value. He concluded that the property's ongoing costs outweighed its benefits to the receivership estate.
Founders Fawn and Keith Weaver had opposed the sale, citing the home's marketing value. However, the judge found its financial burden on the receivership estate to be too significant. The approved sale is to buyers Jenifer and Sekou Kaalund.
