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From: lewis.perdue@wineindustryinsight.com

Subject: White Hills Sale Rattles Central Coast Vineyard Market - WINE INDUSTRY INSIGHT - EMAIL EDITION

Date: 2010-04-22 16:25:25

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EMAIL EDITION - VOLUME II, NUMBER 16 - April 22, 2010

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IN THIS ISSUE:

  • Foster’s White Hills Sale Rattles Central Coast Vineyard Market


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Foster’s White Hills Sale Rattles Central Coast Vineyard Market

Today’s bargain basement sale of the White Hills Vineyard by the Foster’s Group Ltd., has rattled players in the Central Coast vineyard market and sent them scrambling for what it means for vineyard values — if anything. The sale comes as part of the Foster’s Group’s spinoff of “non-strategic” properties as reported by Wine Industry Insight in February 2009.

whitehillsmap-areaoverview-notvip

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WHITE HILLS SELLS FOR LESS THAN HALF OF “GOING RATE”

According to informed sources familiar with the sale, the Westchester Group, a large Midwestern ag investment firm, bought the 4,300-acre vineyard near Santa Maria for $(Redacted-Subscriber data only) — less than half of the estimated “going rate” for vineyards properties in that area.

Vineyards are planted on 2,300 acres while another 1,200 acres are  plantable and 800 acres are watershed.

VIP Subscribers, click here for Assessor’s parcel map.

Westchester already owns the Garey Ranch Vineyard, east of Santa Maria which is planted with approximately 280 acres of Chardonnay, Pinot Noir, and Pinot Gris.

Wine Industry Insight placed calls to Westchester Group and Foster’s on April 21, but no comments had been received by publication time.

CAUTION NEEDED ON APPLYING SALE TO OVERALL MARKET

According to a presentation by Hal Forcey, Senior Appraiser, American AgAppraisal, at this year’s Central Coast Wine Symposium, the value of vineyard land in the Santa Maria area is estimated at $18-$30,000 per plantable acre and $30-40,000 per acre planted.

Prices, according to  his presentation (.pdf), have been stable, feeding the value ($10+/-) wine market. However, the presentation cautioned that there had been no vineyards sold in the area for the previous two years. “And those past sales were for significantly smaller holdings,” said Forcey.

whitehillsmap-perimeter-marked-notvip

Also In This Article:

The full text of the following sections is available to VIP Premium Subscribers).

  • “ONE SALE DOES NOT A MARKET MAKE”
  • DEFERRED MAINTENANCE AFFECTS SALE PRICE
  • A GIANT ELEPHANT THAT CANNOT BE IGNORED
  • WESTCHESTER GROUP ALREADY BIG PLAYER IN CALIFORNIA

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================= CONTACT DATA ====================
Lewis Perdue
670 W. Napa St., Suite H, Sonoma, CA 95476
Phone: 707-326-4503, fax: 707-940-4146
Email: lewis.perdue@wineindustryinsight.com