Owners renegotiate as Sweely Winery auction is canceled

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Some two weeks after going into foreclosure, Sweely Estate Winery announced this morning that the auction of the Madison County winery, originally scheduled for November 18, has been canceled. Jeff Stein, vice president of auction house Tranzon Fox, confirmed that “the sale has been canceled pursuant to a negotiated agreement between owners and lenders. They’re in workout.”

Jess Sweely, proprietor of the winery, one of the area’s largest, told C-VILLE there will be “no change in operations.”  In a statement released last night, he said, he “regrets that the lender chose to advertise a foreclosure sale when they were at the end of finalizing their business terms going forward. Nevertheless, Mr. Sweely felt that it was inappropriate to comment prior to completing his negotiations with the lender.”

 

 

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