Investor-crowdfunding platform FarmTogether has acquired a 102-acre vineyard in California from Hidden Oaks Vineyards for $3.2m.
The site, in Clements, San Joaquin County, is home to an organic Cabernet Sauvignon vineyard with 88 acres of vines planted in 2015.
The deal, FarmTogether’s second in the wine sector, also includes the property’s 2023 harvest and well water for farming use.
In a statement on Friday (18 August), FarmTogether said it will oversee the “business management and production” of the vineyard.
FarmTogether is a farmland investment management service that connects farmers and investors through a crowdfunding website.
Quinn Mulrooney, agriculture specialist at the Land Advisors Organization, which represented Hidden Oaks Vineyards, said: “With the value of farmland as an asset class continuing to perform well, we’re seeing more investors looking for opportunities in the sector and the newer trend of crowdfunding of farmland investors has really been taking off.
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“In this case, a surge in demand for premium organic grapes and the fertile San Joaquin Valley farm drove pricing and interest from numerous interested buyers.”
It follows Chanel-owned US winery St. Supéry’s acquisition of vineyard land last week in Rutherford, Napa Valley, north-west of Clements. The deal included a 48-acre vineyard with 42 acres of Sauvignon Blanc vines and took St. Supéry’s Napa Valley estate land holdings to more than 1,600 acres.
California peer Shafer Vineyards also purchased a ten-acre vineyard in the Atlas Peak region of Napa Valley for an undisclosed sum earlier this year. Shafer Vineyards was bought by the South Korean luxury brand group Shinsegae Property in 2022.
Business entities associated with LA-based holding company The Wonderful Company purchased the Clos Pegase Tenma Vineyard for circa $11m from Vintage Wine Estates this year. Estate Vineyards LLC and TVP Acquisition Company LLC were reportedly listed as the buyers of Tenma Vineyard. Both entities are affiliated with The Wonderful Company and Justin Vineyards (part of The Wonderful Co. group).