Showing posts with label winerys. Show all posts
Showing posts with label winerys. Show all posts

Friday, April 8, 2011

Trump Buys Winery In Virginia

CHARLOTTESVILLE, Va. - Billionaire Donald Trump has bought the Kluge Estate Winery and Vineyards in Charlottesville.

Media outlets report that representatives for Trump bought the winery at a foreclosure auction Thursday. Trump officials say he's interested in making wines and is in talks with former owners William Moses and Patricia Kluge about running the operation.

Preliminary estimates indicate the property sold for less than $7.5 million. A separate auction is being held to sell equipment used in making wine and tending the vineyards. Trump's representatives also successfully bid on the trademarks and labels for the winery.

Kluge Estate owed Farm Credit Bank an estimated $34.8 million. The winery took out loans to expand its operations from regional to national. But it missed sales targets required by its line of credit with the bank.