It looks like “winery” wasn’t on anybody’s Christmas list this year.
Kluge Estate Winery and Vineyards is in the hands of its lender today after an unsuccessful auction for the winery in Charlottesville, Va.
According to The Daily Progress, Farm Credit Bank put in an opening bid of $19 million and no bidders were willing to top that price for the foreclosed property.
The winery, owned by William Moses and Patricia Kluge, includes 907 acres, a farm shop and tasting room, six houses, office and production buildings, a barrel storage cave, and a 34,000-square-foot former carriage museum.
Kluge Estate owes the bank an estimated $34.8 million. The winery took out loans in order to expand the company from regional to national. Unfortunately, it missed sales targets that were required by its line of credit with the bank.
Copyright AP - Associated Press
