« Liam Hemsworth Earns $200,000 Donation from White Castle | Main | *NSYNC Performance Highlight of MTV VMAs »

Patrick Dempsey Out as Co-Owner of Seattle Coffee Chain

Photo by Michael Buckner/Getty Images for VH1(SEATTLE) -- Earlier this year, Patrick Dempsey and a business partner acquired a bankrupt, Seattle-based coffee chain at auction. As it turns out, his role as co-owner of Tully's Coffee didn't last very long.

The Seattle Times reports Dempsey and lawyer Michael Avenatti have dissolved their business partnership. Their announcement on Friday came just three days after Dempsey sued Avenatti.

Dempsey had claimed in his suit that his decision to become a "member and manager" of their ownership group, Global Baristas, was made with the understanding that he would not put up any money to acquire Tully's, and that Avenatti would provide the capital to fund the Tully's purchase and operation. However, he alleged, Avenatti borrowed $2 million dollars for working capital without his knowledge.

Both sides said in a statement Friday the legal dispute has been resolved, and Dempsey wished Global Baristas "all the best" going forward.

The firm won an auction for Tully's in January with a bid of $9.15 million, though the deal was not officially closed until late June.

Dempsey's character on Grey's Anatomy, Dr. Derek "McDreamy" Shepherd, works at the fictional Seattle Grace Hospital.

Copyright 2013 ABC News Radio

ABC News Radio