ATLANTA, GEORGIA – AUGUST 23: Fawn Weaver onstage during day 2 of Invest Fest 2025 at Georgia World Congress Center on August 23, 2025 in Atlanta, Georgia. (Photo by Paras Griffin/Getty Images) By Andrea Bossi ·Updated February 26, 2026 Getting your Trinity Audio player ready…

Uncle Nearest has been wrapped up in a lawsuit, on the Black-owned whiskey brand’s financial turmoil, for several months. While it remains at risk of foreclosure, new reports show that asset liquidation is underway, too.

The brand — which ESSENCE previously reported is financially insolvent and owes millions of dollars to external parties — may soon be losing its four-bed, four-bath Martha’s Vineyard property, per Moore Country Observer reporting. This stemmed from Farm Credit Mid-America, the company’s main creditor, filing a lawsuit against Uncle Nearest, Inc. and its founders Fawn and Keith Weaver in July 2025. The credit company claimed it was owed $108 million and alleged the company had been in default on its loans as early as January 2024. The company has been under court-ordered receivership since August 2025.

The receiver, Phillip G. Young Jr., is now seeking quick approval from the court to sell a Martha’s Vineyard property for $2.595 million, per a motion filed Feb. 25. The 2,101 square-foot property has a full-price offer, pending inspection and financing, with a closing date planned for March 19. But court approval is needed to close. Farm Credit Mid-America consented to the sale, per documents, and would release its lien (or, right to maintain possession) in exchange for a portion of proceeds totaling about $900,000. Planet Home Lending holds a first lien of about $1.5 million and would be paid in full from proceeds.

Jennifer Kaalund, PhD, and Sekou Kaalund are listed as the buying party. Sekou Kaalund is a U.S. Bank senior executive vice president who is also a motivational speaker with the Harry Walker Agency, as is Fawn Weaver. 

Why go after this multi-million dollar property? In his motion, Young said that the Martha’s Vineyard property doesn’t generate income and was purchased solely to support marketing and advertising. Per MCO, the receiver said that it’s best for creditors and the estate to sell assets that don’t generate income. 

According to the receiver’s recent emergency filing, the Weavers refused consent to the sale. Fawn previously called the suit “attempted robbery in broad daylight” in a mid-February video, among additional updates she shared with followers.

During his now months-long tenure as court-appointed receiver, he has found the company’s records before 2024 were deleted, that it struggled to make payroll, and that it hadn’t filed federal tax returns since 2018, per the New York Times. He also claimed the company was losing roughly $1 million per month and had an estimated value around $100 million, a fraction of the billion-dollar valuation Weaver declared in 2023.

Asset liquidation, particularly the sale of the spirits company’s Martha’s Vineyard property, awaits court approval. 

Check back for updates on the Uncle Nearest case.

The post Uncle Nearest’s Financial Troubles Mount As Assets Go Up For Sale Amid Ongoing Lawsuit appeared first on Essence.

Author: Kimberly Wilson

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