One of the latest victims of the real estate bust has a pedigree that one might expect to exempt him from such financial problems.
Asa Griggs Candler V, the descendant of Coca-Cola‘s (NYSE:KO) founder, Asa Candler, finds himself in default on a $7.2 million bank loan with no means to pay it, the Atlanta Journal-Constitution notes.
The family sold its stake in the iconic soft drink company in 1919 for $25 million.
Candler’s real estate business has lost $37.5 million since the start of the financial crisis. The 81-year-old has seem his once expansive real estate empire collapse as creditors foreclose on commercial properties.
A considerable portion of the business’ debt was personally guaranteed by Candler and other family members. Court documents last year cited his personal holdings at $2.2 million, with almost the same amount of personal debts.