Winebusiness.com - Homepage for the Wine Industry

Gallo Pays Record Price for Monterey Vineyard

$18 Million for Force Canyon
May 02, 2012

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.
 


Copyright© 1994-2019 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.