Gallo Pays Record Price for Monterey Vineyard
In yet another sign of increasing demand for quality wine grapes, Gallo Vineyards has quietly purchased approximately 377 acres of vineyard land in Monterey County for a record $18 million, according to public records.
Gallo’s purchase involves four parcels that were combined into two for 377 gross acres, for a price paid of approximately $47,745 per acre. If one assumes there are 360 net acres of vineyard involved, the price reaches $50,000 per acre, a new record for Monterey County. The deal recorded April 18 and also involved Monterey Pacific purchasing a 40-acre parcel.
The vineyard, known as Force Canyon, was sold to Gallo Vineyards by Silverado Premium Partners. Gallo already owned vineyards adjacent to Force Canyon.