I-T: After Loan Dispute, Jack London Village is On the Market

Jack London Village, a historic commercial unit located at the edge of Glen Ellen at 14301 Arnold Drive, has been put up for sale, reports the Sonoma Index-Tribune.

Owner Bernard MacElhenny, who also owns Morton's Warm Springs Resort, decided to sell after Westamerica bank jacked up interest on his loan to 16 percent, pending renewal.

MacElhenny is asking $2.95 million for the property.

The over 23,000-square-foot complex houses 17-tenets, including Olive & Vine and Yeti Restaurant.

The property has a long history in the community, writes the Index-Tribune:

"[It was] developed starting in 1969, when Charles Beardsley and David Fritscthi purchased the site from the Pagani family. The original structures, built before 1860, are among the oldest in Sonoma County. A working waterwheel once powered the old mill. It was later turned into a distillery by Frenchman Joshua Chauvet, who added the winery in 1881. The Pagani family acquired it in 1913 and ran it as a winery until the 1960s."

Read more about the possible sale here.