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Patricia Kluge: Billionaire's Ex-Wife Faces Foreclosure

Filed under: Estates, Wine, Real Estate Developments, Wealth, Architecture & Design

Patricia Kluge photos, Patricia Kluge house photos

Patricia Kluge, the 1980s society queen and ex-wife of billionaire media mogul John Kluge, has fallen on some hard times. Kluge was famously awarded the largest divorce settlement in history (a reported $1.6 million a week) but she seems to have figured out a way to spend it – and then some.

She's allegedly in default of nearly $23 million on her gilded mansion in Virginia, which made headlines for its outlandish $100 million price tag when it first hit the market in October 2009. Sotheby's didn't get that asking price, nor the drastically reduced $24 million it was eventually priced at. Instead, on Feb. 16, the 23,538-square-foot home will be auctioned on the Albemarle County courthouse steps.

Kluge's house isn't the only possession she's losing: Her antiques and jewelry have already been auctioned through Sotheby's. Her winery was foreclosed on and its inventory also sold off at auction. On top of that, several lots in the Vineyard Estates subdivision she devised for her property were also auctioned.

The Hook reported that according to court records, Kluge borrowed a whopping $66 million for the house, winery and subdivision.

How could Kluge have blown through her fortune and now lost it all?

Tags: albemarle house, AlbemarleVirginia, Charlottesville, charlottesville virginia, kluge, kluge estates, kluge vineyards, kluge winery, KlugeEstates, patricia kluge, Patricia Kluge broke, vineyard estates, vineyard for sale, virginia real estate, William Moses

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Frazier Winery For Sale

by Deidre Woollard (RSS feed) —

Filed under: Wine, Real Estate Developments

Sotheby's International Realty and Pacific Union International have listed Frazier Winery in Napa Valley, California for sale. The 46 acre property at 40 Rapp Lane is located immediately adjacent to the Napa Valley Country Club golf course in the Eastern Napa hills. The property includes 9800 square feet of completed wine caves set into the hillside. The land currently has 11 producing acres that are planted with Cabernet Franc, Merlot and Petit Verdot plants and Napa County has approved the planting of approximately 23 additional acres. The Napa County use permit includes approval for tours, tastings and retail sales. The property includes a functioning winery building and all equipment. The price is $11.9 million and the owner's adjacent property of approximately 15 acres is also available for sale. The property is exclusively listed for sale by winery and vineyard brokers Peggy Wilkinson of Sotheby's International Realty and Robyn Bentley of Pacific Union International. The Napa Valley Register reported earlier this month that Frazier Winery filed for Chapter 11 bankruptcy protection in September.

Gallery: Frazier Winery

Tags: frazier winery, vineyard, vineyard for sale, vineyards, wine real estate, winery, winery for sale

Christina Vineyards, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

If you've ever visited the wine country of Northern California I don't have to sell you on the lure of Napa. Christina Vineyards is located in the newly created Oak Knoll appellation and has 23 acres planted with Cabernet Sauvignon vines. The land is over 27 acres total and includes a 4,000 square foot main house and a barn. The three-bedroom farmhouse is located in the center of the vineyard for gorgeous views of your domain. It is listed at $8.8 million. After the jump, a lovely corkscrew of a staircase.

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Tags: california, estate of the day, napa, napa valley, oak knoll, vineyard for sale, wine country

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