Uncle Nearest Martha's Vineyard Property Sale Approved

The receiver in the Uncle Nearest financing case was authorized to sell property on Martha's Vineyard for $2.595 million – but none of the proceeds can go to Farm Credit Mid-America whole the underlying lawsuit remains pending, U.S District Judge Charles E. Atchley Jr. ruled.

Three court-appointed appraisers each pegged the value of the property at $2.6 million, so that sale price nearly matches that amount.

The sale also includes furniture, furnishings, accessories and household supplies on the property.

Fawn and Keith Weaver had opposed the sale. They said it was a brand-building asset that helped Uncle Nearest market its products, maintain relationships with key partners and strengthen its presence in an historically important community.

Phillip Young, the receiver, disagreed, saying it was a non-income-producing property. The judge said he understood the weaver's arguements and that it provided some benefit to Uncle Nearest. But those benefits don't outweigh the ongoing costs to the receivership esstate. And, he said, selling the property now rather than later benefitted Uncle Nearest because it prevented addtional costs accruing.