No Comments

January 2009

Historic Sebastiani Winery sold
A slumping wine market, lack of a clear succession plan and years of feuding between third generation family members were behind the sale of Sebastiani Winery, reportedly sold in late December 2008. While terms of the sale were not announced industry insiders say Foley Wine group paid $50 million for the winery with over 225 acres and facilities that dates back to 1904. Sebastiani Vineyards sells about 280,000 cases of wine annually. Similar issues of infighting and struggles between new generations have caused the sale of other famous name California wineries as well.
Foley Wine group is owned by William P Foley II, founder and chairman of Fidelity National Financial Corp. of Jacksonville Fla. Foley started his wine venture 11 years ago with the purchase of a small winery in Ballard California now named Lincourt. Within a year he opened Foley Estates Vineyard & Winery on a 460 acre ranch in nearby Santa Rita Hills. Since then Foley has acquired several other wineries including Firestone Vineyards (another family winery), Three Rivers Winery in Walla Walla, Washington, and Merus, an expensive, cult Cabernet Sauvignon maker in Napa Valley.

Copia Goes Bankrupt

Copia: The American Center for Wine, Food and the Arts will close after failing to secure Chapter 11 bankruptcy protection. The center opened in Napa California in 2001 to great fanfare, a late in life project of the late Robert Mondavi. The center never attracted the throngs of visitors that had been expected. With estimates at $80 million of unpaid debts’ Copia has been criticized as costly and unnecessary.

Comments are closed.