Seller orders 30% reduction to $625,000. Bank-owned winery and vineyard in the lower
Yakima Valley. (Technically, it is in the Central Yakima Valley, but most
people are geographic idiots.)
Well, here is another sad story from wine country. Everybody
wants to get rich in the wine business, but very few do so. The original
selling price was around $2 million, but at that time the winery had some
inventory as well as a good reputation. I think the bank loaned about a million
and the owner carried the rest as a low interest/balloon payment scheme. My
accountant told me if you accept these sales terms, be happy with the down
payment, because that is all you are going to get. Since the bank has the first
lien on the property, they get the property.
Making money in the wine biz is tough. They did the magical
thing; they opened up a second tasting room in Woodinville. There was more
overhead and apparently the magic that was Woodinville has worn off. They
stopped paying suppliers. Word gets around real fast about that. When you can't
get grapes, bottles, etc. you go out of business in short order.
There are about 15+ acres of land available, two houses, (one
is a B&B), 9726 square feet of production area, plus some equipment like
tanks, press, crusher/stemmer, and bottling equipment.
Here is your big chance to own what used to be, you guessed
it, Tefft Cellars. Sealed bids due May 26, 2016.
