Italian financial magnate Piero Panerai and Eric de Rothschild have launched the first release from their joint-venture estate in Tuscany.

The two men have released an initial 17,000 bottles of the Poggio alla Guardia 2004 label, a blend of Sangiovese, Merlot and Cabernet Sauvignon, from their Rocca di Frassinello estate.

Panerai and de Rothschild bought the 80ha estate in Maremma for EUR20m (US$25.5m) in 1999.

A second label, Le Sughere di Frassinello 2004, will be released later this month, while the more premium 'Rocca di Frassinello 2004' will be released later this year.

Panerai also owns the Chianti Classico Castellare di Castellina estate.