Shinsegae Property, a South Korean real estate and luxury brand company, has acquired the iconic Shafer vineyards for US$250 million. The deal includes 225 acres of vines.
Shinsegae Property, a luxury brand firm based in Seoul, has acquired Shafer Vineyards for 299.6 billion won or US$250.3 million, according to The Korea Herald. The newspaper reported that the transaction includes about 200 acres of land in Napa’s historic Stags Leap District.
Shinsegae Property also stressed the huge growth potential of Shafer Vineyards in its property value. “Between 2014 and 2020, Napa Valley had already shown 9 percent growth in its real estate price. The property value of the area is expected to grow in the future as well,” the official shared with The Korea Herald.
Shafer is known as one of Napa’s star wineries, with its most famous bottling, the Shafer Hillside Select, selling for more than US$300.
The highly regarded winery creates more than excellent Cabernet Sauvignon. Their portfolio also includes Relentless Syrah, TD-9 Merlot and Red Shoulder Ranch Chardonnay from their property in Carneros.
Shinsegae L&B, which runs the wholesale distribution of wine and liquor, already owns a liquor wholesale business in the US called Shinsegae L&B. The company has a large portfolio, including golf courses, hotels, shopping centres and department stores.
Despite the winery's sale, Doug Shafer, winemaker Elias Fernandez, and the company’s winemaking and vineyard teams are remaining on-staff throughout the transition. https://t.co/p0h4yiqGpT
— Napa Valley Register (@NapaRegister) February 16, 2022
