In the News
Madera County vineyard brings almost $25,000 per planted acre
CHAMPAIGN, Ill. -- A 144-acre Madera County vineyard has brought one of the highest prices per acre ever in California's Central Valley, selling for a total of $3,115,000 -- $24,920 per planted acre.
Murray Wise Capital LLC arranged the sale in cooperation with Scales Real Estate, of Bakersfield, Calif. The sale was conducted in a two-round sealed bid private offering for Madera Vineyards LLC.
"We were delighted to have the opportunity to market this excellent vineyard, which had 125 acres of Chardonnay grapes planted in 2006," said Ken Nofziger, president of Murray Wise Capital. "We began marketing the vineyard in early fall, and we received eight initial bids -- five of which were over $20,000 per planted acre. Robust bidding continued into the second round of the process with most of the potential buyers substantially increasing their offers."
The vineyard's recent crops worked in behalf of the sellers, according to Nofziger.
"Madera Vineyards has averaged 12.2 tons of Chardonnay grapes harvested over the past four years. These yields are consistently among the highest achieved in California. Continued strong demand for Chardonnay -- which is the most popular wine in the United States -- coupled with these strong yields resulted in a sales price that far exceeded the owners' expectations," Nofziger said.
About Murray Wise Capital LLC
Murray Wise Capital LLC is a financial advisory firm providing investment banking and strategic advisory services to companies in the agribusiness industry. The company offers mergers and acquisitions, capital raising, restructuring and valuation advice to processors, producers, manufacturers and dealers of agriculture-related products and services.