No Sale For Kirkland Ranch
Last month I wrote about the auction of the Kirkland Ranch Winery in Napa Valley. It looks like the Western-themed winery will be on the market a little bit longer. It failed to attract a successful bidder during a sealed-bid auction which had a a minimum bid of $22 million. International Wine Associates, which is a financial adviser to owner Kirkland Knightsbridge LLC, says that is "less than half of the previous value" of the property. The winery has been on the market for a while but due to the credit crunch has been unable to find a buyer.
There were a few bids but none over the reserve prices of $22 million for the 69-acre winery property or $26 million for the winery plus an additional 186 acres. It will now go back on the traditional market and continue to seek a buyer but they may need to reduce the price again in order to get it sold.