Jul 122010
 

News Flash: CapRock Winery Purchased for $6.5 Million.

As seen on http://vinotology.com:

The New Mexico bubbly house,Gruet Winery has purchased the CapRock Winery, and has plans to begin production of Texas “Champagne”.

VintageTexas Special High Plains Wine Correspondent, Ben Simons @Vinotology, said, “I had my face in the camera most of the time, so it was hard to tell who was bidding what. I plan to edit the footage tonight and try to get it ready for my blog tomorrow. However, it appeared to me like a representative from Becker Vineyards was in serious contention with Gruet. This is likely one of the reasons the bidding went much higher than anyone expected.”

My recon says that Ben is absolutely correct with his assessment of the bidding. Nobody that I talked to in advance of the CapRock auction would speculate that the bidding would go beyond the $2.5 million point. A sale at the $6.5 million level essentially makes the bankers whole. One unnamed attendee at the auction said that the bankers looked like they were walking two feet off the ground when they left the auction today.

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More at: http://www.vinotology.com/2010/07/breaking-news-texas-winery-purchased-by-gruet.html

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