Winebusiness.com - Homepage for the Wine Industry

Red Mountain AVA Land Sells for $8.7 Million After Hours of Intense Bidding in Musser Bros. Auction


Date: 11/26/13

PRESS RELEASE

PASCO, Washington (Nov. 26, 2013) – Prominent winemakers and growers competed vigorously for hours for parts of the Red Mountain American Viticultural Area (AVA) Saturday, but ultimately it was a single buyer from Canada who purchased all 670 acres for $8.7 million in a Musser Bros. Auction.

“Everything came together perfectly. We had a very strong field of 35 bidders, and our Power Parcels system of bidding worked to perfection,” said auctioneer Scott Musser. “When we took the first round of bids on the 31 parcels, we were still under $5 million. But once we began bidding the land in groups of parcels and the entire property, the competition really stepped up. Various growers, investors and others competed vigorously for five hours and 17 minutes.”

Bidding went back and forth as bidders made offers on individual parcels and every conceivable combination. In the end, the last bidder standing was Aquilini Investments, a major investor from British Columbia. “Our bidding method sells the land in the combination that brings the highest price for the seller. We could have had one buyer, 31 buyers or anything in between. In this case, the highest bid was for all the land,” said Musser.

Bidders on the land included Duckhorn Vineyards, Kiona Vineyards & Winery, Upchurch Vineyard, Hedges and other prominent companies.

“We felt that the opportunity to buy this land in Washington's smallest and most prestigious vineyard would attract the attention of quality growers, and we were right about that,” said Musser. “From that point, the key is to promote competition between them, and I was very pleased with our success at that.”

Musser Bros. sold the property for the Kennewick Irrigation District, which has been working to provide pressuized water from the Yakima River to the land.

Chuck Freeman, district manager for KID, said he was pleased with the outcome. “I think the right people were in the room, and the auction process worked well for us. We were at $4.5 million before the Power Parcels part of the process kicked in, so that made a huge difference. I think we would do it again,” he said.

Musser Bros., with locations in Cody, Wyo., Twin Falls, Idaho, Meridian (Boise) Idaho, Billings, Mont., and Pasco, Wash., markets real estate, equipment and other assets through online and live auctions, as well as through traditional real estate listings.

Subscribe to Daily news Email

FREE Wine Business Daily News delivers the industry's top stories emailed to you from our editorial team.

most popular daily news links

latest listings

- winejobs.com  •  yesterday at 4:29PM PDT
- used equipment  •  yesterday at 4:02PM PDT
- winejobs.com  •  yesterday at 3:48PM PDT
- winejobs.com  •  yesterday at 3:48PM PDT
- winejobs.com  •  yesterday at 3:42PM PDT

latest winejobs

- winejobs.com  •  yesterday at 4:29PM PDT
- winejobs.com  •  yesterday at 3:48PM PDT
- winejobs.com  •  yesterday at 3:48PM PDT
- winejobs.com  •  yesterday at 3:42PM PDT
- winejobs.com  •  yesterday at 3:10PM PDT

latest used barrels

- used barrels  •  yesterday at 3:11PM PDT
- used barrels  •  yesterday at 8:50AM PDT
- used barrels  •  yesterday at 7:52AM PDT
- used barrels  •  Oct 22, 2014 at 3:44PM PDT
- used barrels  •  Oct 22, 2014 at 11:20AM PDT

latest real estate

- real estate  •  Oct 22, 2014 at 3:42PM PDT
- real estate  •  Oct 22, 2014 at 3:04PM PDT
- real estate  •  Oct 22, 2014 at 2:43PM PDT
- real estate  •  Oct 22, 2014 at 1:48PM PDT
- real estate  •  Oct 22, 2014 at 1:48PM PDT

latest used equipment

- used equipment  •  yesterday at 4:02PM PDT
- used equipment  •  yesterday at 11:32AM PDT
- used equipment  •  Oct 22, 2014 at 8:32PM PDT
- used equipment  •  Oct 22, 2014 at 8:32PM PDT
- used equipment  •  Oct 21, 2014 at 10:14AM PDT

industry events

Search Events:

Copyright© 1994-2014 by Wine Communications Group. All Rights Reserved. Copyright protection extends to all written material, graphics, backgrounds and layouts. None of this material may be reproduced for any reason without written permission of the Publisher. Wine Business Insider, Wine Business Monthly, Grower & Cellar News and Wine Market News are all trademarks of Wine Communications Group and will be protected to the fullest extent of the law.