Judge to decide sale of Martha’s Vineyard home
Weavers want the deal blocked or delayed, while the receiver and Farm Credit say the property should be sold and the proceeds paid to the lender
2:51 p.m. March 12, 2026
DUANE CROSS
MCO Publisher•Editor
A federal court fight is intensifying over a proposed sale of an Uncle Nearest-linked Martha’s Vineyard home, with Fawn Weaver, Keith Weaver, and Grant Sidney Inc. asking a judge to block or delay the deal while the court-appointed receiver and Farm Credit Mid-America push to move it forward.
At issue is the property at 10 Codman Spring Road in Edgartown, Mass. The receiver wants to sell it as part of the ongoing receivership, but the dispute reaches beyond the house itself: whether the sale should proceed before the judge rules on a pending motion to reconsider the receivership, whether the property is a cash drain or a brand asset, and whether Farm Credit is entitled to the proposed $900,000 in net sale proceeds.
The competing filings were submitted in the U.S. District Court for the Eastern District of Tennessee in the broader case brought by Farm Credit Mid-America against Uncle Nearest and related defendants.
Weavers Seek to Stop or Delay Sale
In a March 5 filing, the Weaver parties asked the court to deny the sale motion or, at a minimum, put it on hold until the judge rules on their effort to reconsider the receivership. They argued that if the court later unwinds the receivership, a sale approved now would permanently strip the company of what they describe as a strategic asset. They also argued there is little urgency because the receiver identified two backup offers at the full asking price.
The Weaver parties also argued the Martha’s Vineyard home should not be treated simply as a non-income-producing property. In their filing, they said the house has been used for marketing, investor cultivation, distributor relationship-building and invitation-only events during August on the Vineyard. Those events, they said, have included a Gospel brunch and charitable gatherings supporting historically Black colleges and universities.
They argued that those events build goodwill, strengthen business relationships, and add value that the receiver’s analysis does not fully capture.
The Weaver parties also challenged any immediate distribution of sale proceeds to Farm Credit. They argued that the money should remain with the receivership estate until the court determines the validity, priority, and extent of any Farm Credit lien on the property or its proceeds. Their filing says Farm Credit has no perfected lien on the Martha’s Vineyard property and should not receive what they describe as a windfall ahead of other unsecured creditors.
They also pointed to an alternative proposal from an existing Uncle Nearest investor. According to the filing, Nubian Sage Enterprises LLC, described there as founded by former NBA teammates Kevin Johnson and Mark West, was preparing to offer $900,000 in cash to acquire the membership interests of UN House MV LLC, the entity that owns the property. The Weaver parties argued that the route would deliver the same economic benefit to the estate while preserving the property’s established role and community ties.
Receiver Says Sale Should Move Ahead
In a March 10 reply, receiver Phillip G. Young Jr. urged the court to approve the sale now. He noted that the Weaver parties did not challenge the sale price, the process, or the buyer’s qualifications, arguing that those omissions amount to a concession that the deal is commercially acceptable.
On timing, the receiver said the court has already held a seven-hour hearing on the motion to reconsider and that briefing on that matter is closed. He argued that concerns about moving too quickly are largely moot because the court would not approve the sale if it intended to terminate the receivership.
The receiver also rejected the argument that the property is central to the business’s broader value. He said the home produces no income, is not geographically tied to Uncle Nearest’s operations, and is not historically tied to the company’s origins. He said Arlington Capital, the receiver’s investment banking consultant, advised selling the property separately rather than as part of a broader package of Uncle Nearest assets. He added that no potential buyer of the business assets has asked about acquiring the Martha’s Vineyard home.
Farm Credit Says Proceeds Belong to Lender
Farm Credit filed its own joinder on March 10, backing the receiver and arguing it has a lien on the net cash proceeds because the property was purchased with Farm Credit loan money. The lender said it extended an additional $2.3 million term loan in March 2023 after Uncle Nearest requested funds to buy the Martha’s Vineyard property. Farm Credit said the purchase was presented as a marketing opportunity for branding events and co-branding rentals.
Farm Credit said the credit agreement required the purchase to be made by Uncle Nearest or a subsidiary that fit within the loan structure, but title was instead placed in UN House MV LLC, which it says was not a borrower or loan party under the agreement. The lender argues that even if the structure of the transaction is disputed, any amounts Uncle Nearest is entitled to receive from a sale are proceeds of Farm Credit’s collateral.
In plain terms, Farm Credit says the property was bought with its money, so the sale proceeds tied to Uncle Nearest’s interest should go to the lender.
The receiver also said the impact on the estate may be limited because Farm Credit has continued to advance funds to keep the business operating during the receivership. He argued that whether the $900,000 goes directly to Farm Credit or stays with the estate and reduces future borrowing, the financial result is largely the same.
Alternative Proposal Draws Skepticism
The receiver also pushed back on the Nubian Sage proposal. He said the offer arrived only after the sale motion was already pending and raised several concerns. He said it was nonbinding, could depend on approval from the mortgage holder, would involve a more complicated transfer of LLC membership interests rather than a straightforward real estate closing, and was not a higher offer than the one already before the court.
The receiver said he had previously spoken with Kevin Johnson and believed he had a legitimate interest in the property, but said the sale already before the court was the better deal.
What Comes Next
The judge has not yet ruled on whether the Martha’s Vineyard sale can proceed.
That ruling will help show whether the court views the property chiefly as an asset to turn into cash now or as part of the broader Uncle Nearest brand, the Weaver parties say, still carries long-term business and brand value.
For now, the immediate question is whether the sale moves forward before the court decides whether to revisit the receivership.
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