Va. winery faces possible foreclosure
A collision between efforts to quickly build a world-class wine, vineyard and distribution network and the deepest recession since the Great Depression has left lenders preparing to foreclose on the Kluge Estate Winery and Vineyards and sell pieces of the business at auction, The Daily Progress reports.
Wine industry officials said as many as a dozen Virginia wineries may face economic problems because of the long recession even though consumption and sales of Virginia wine was up by 13 percent last year.
Kluge Estate, owned by Albemarle County residents Patricia Kluge and William Moses, owes an estimated $34.8 million to Farm Credit Bank for a loan made in April 2007 when Kluge and Moses decided to expand the winery.
Read more about the financial troubles facing Kluge Estate Winery in The Daily Progress.
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