Coca-Cola’s Founding Family Loses $37M in Real Estate

by Christopher Freeburn | September 19, 2012 11:12 am

Coca-Cola’s Founding Family Loses $37M in Real Estate

One of the latest victims of the real estate bust has a pedigree that one might expect to exempt him from such financial problems[1].

Asa Griggs Candler V, the descendant of Coca-Cola‘s (NYSE:KO[2]) 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.

Endnotes:
  1. exempt him from such financial problems: http://www.ajc.com/news/news/the-house-of-candler/nSBj6/
  2. KO: http://studio-5.financialcontent.com/investplace/quote?Symbol=KO

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