Kluge winery auction unsuccessful
The Daily Progress reports that bidders were unwilling to top Farm Credit Bank’s opening bid of $19 million for the foreclosed property.
The auction included 907 acres, a farm shop and tasting room, six houses, office and production buildings, a barrel storage cave and a 34,000-square-foot former carriage museum.
The winery is owned by William Moses and Patricia Kluge.
Kluge Estate owes the bank an estimated $34.8 million. The winery took out loans to expand its operations from regional to national. But it missed sales targets required by its line of credit with the bank.
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