Vineyard Defaults Surge as Lost Land Values Undermine Napa Wine
Vineyard Defaults Surge as Lost Land Values Undermine Napa Wine
Mar 8, 2010 6
(Bloomberg) - In California’s Napa Valley, producer of the most expensive U.S. wines, 2010 may be a vintage year for foreclosures as the industry is squeezed by falling land values and a consumer shift to cheaper brands. As many as 10 wineries and vineyards in Napa will change hands in distressed sales or foreclosures this year and next, up from none in 2008, according to Silicon Valley Bank. In a bank survey of vintners, 7 percent called their finances “very weak” or “on life support.”
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