Federal Judge Approves Sale Of Martha’s Vineyard Property, But Proceeds Can’t Yet Be Given To Uncle Nearest Lender – AfroTech

Despite pushback from Uncle Nearest founders, a federal judge has approved the sale of a property that is part of the whiskey brand’s receivership estate.

In the latest update from the Moore County Observer, U.S. District Judge Charles E. Atchley Jr. has approved the sale of a Martha’s Vineyard property at 471 West Tisbury Rd. in Edgartown, MA, valued at $2.6 million. The sale includes furniture, accessories, and household supplies located on the Martha’s Vineyard property.

The property is being managed by Phillip G. Young Jr., who has served as the receiver for Uncle Nearest since Aug. 22. 22025. As AFROTECH™ previously reported, the receivership was put in place after Uncle Nearest defaulted on more than $108 million in loans to its lender Farm Credit Mid-America. Judge Atchley said Uncle Nearest’s debt has grown to $207.9 million and that it is “insolvent.” The receivership was recently expanded to include Grant Sidney Inc. — the largest shareholder of Uncle Nearest — owned by Fawn Weaver, co-founder of the whiskey brand.

Fawn, her husband, Keith, and Grant Sidney Inc. have been pushing for the receivership to end and have opposed the inclusion of the Martha’s Vineyard property, as it was not a home, according to the Observer. They said it was leveraged for product marketing, to maintain relationships with partners, and to position itself in the nearby Oak Bluffs community, which is culturally valuable.

Young said the property is not generating income and has no historical ties to the company’s inception. Judge Atchley stated he understood the Weavers’ sentiments toward the property but ultimately favored the receivership and believed it was best to sell it sooner to consider additional expenses, per the Observer.

The lawsuit is still pending, according to the outlet. As a result, proceeds from the sale of the Martha’s Vineyard property cannot be disbursed to Farm Credit Mid-America while the lawsuit is still ongoing.

Young has also been approved to sign deeds, titles, or bills of sale to complete the Martha’s Vineyard property transaction.