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Posted at 10:55 AM ET, 12/ 9/2010

Kluge winery auction unsuccessful

By Associated Press

Kluge Estate Winery and Vineyards is in the hands of its lender after an unsuccessful auction for the Charlottesville winery.

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.

By Associated Press  | December 9, 2010; 10:55 AM ET
Categories:  Virginia  
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Kluge means CLEVER, in German.

In order to sell a winery, one has to be clever enough to stop the invasion of STINK BUGS which are wreaking HAVOC on wineries and all manner of fresh fruit and produce.

Posted by: polecatx1 | December 9, 2010 2:30 PM | Report abuse

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