Today we received the news release announcing that the Laird family purchased Silverado Hill Winery. It's the second property that was formerly part of the PPV Portfolio owned by CalPERs we’ve heard about selling in the past week. The Gap’s Crown vineyard, also part of the portfolio was purchased by Bill Price for an estimated $14.5 million. With the vineyard marketing heating up, we'll probably be seeing more announcements soon.
Silverado Hill was the only winery in the PPV portfolio, and wasn’t used much. Most recently it was leased to Crushpad, from 2009-2011, before Crushpad moved operations to Sebastiani Winery. Laird is expanding its custom crush capacity. The winery includes 25 acres of estate vineyard, a tasting room, 117,000 gallons of tank storage, and a bottling line. The news release didn’t say how much the winery went for. It might have been in a range of $10 million. It was for sale for awhile, before CalPERs gave PPV the boot.
International Wine Associates handled the sale of the Silverado Hill Winery. Zepponi & Company served as financial advisor to GI Partners and CalPERs in the Gap’s Crown sale and is actively marketing three of the north coast properties.
It will be interesting to see who buys the other PPV properties GI Partners is selling and who buys the undeveloped projects up in Oregon and Washington. Lot's of potential there. I’m especially curious as to what will happen with Preservation Ranch because it's so controversial.