Not even the founding family of one of America’s most famous brands has been able to escape the effects of the foreclosure crisis.
Descendants of Coca-Cola founder Asa Candler have had a rough go since the housing bust and ensuing recession. The soda heirs' real estate development company has lost $37.5 million to foreclosure since the economy tanked, and the financial future of the family appears tenuous at best, the Atlanta Journal-Constitution reported Sunday.
The Candler family sold its stake in Coca-Cola back in 1919 and turned to real estate development. The family is responsible for several iconic Atlanta-area landmarks and remains well-known in the wealthy suburb of Sandy Springs.
Now led by 81-year-old Asa Griggs Candler V, the family has been plagued by creditors as deal after deal has gone bust. Yet Candler remains optimistic despite his family's crumbling fortune.