Michel Reybier, owner of Cos d'Estournel, second classified growth of Saint-Estèphe, has just purchased Château Montelena, one of the most famous vineyards of California's Napa Valley.
This is perhaps the biggest wine property transaction made by a French wine château owner abroad. Businessman Michel Reybier, owner of the illustrious Château Cos d'Estournel in the Medoc and previously owner of the brand "Jambons d'Aoste" has just acquired Château Montelena, one of the famous wineries in the Napa Valley.
The total sale price has not been disclosed but sources hint that the price per hectare is close to that of recent grand cru estate sales which reached a peak of two million euros a hectare for the purchase of Château Pichon Lalande for example. Château Montelena possesses eighty hectares of planted vines. It's acquisition therefore could cost at least 150 million euros...
"Judgment of Paris" : Château Montelena is located in Calistoga, in the North of Napa Valley. This property, built at the end of the 19th century in the English manor house style, not unlike several Médoc châteaux, has had a mixed history. After a period of relative notoriety, the vineyard suffered a long purgatory though neglect which came to an end in 1970 when lawyer Jim Barret acquired the estate and invested in it's renovation. A telling symbol of it's resurrection was the triumph of Montelena's chardonnay in the "Judgment of Paris" white wine blind tasting in 1976 where it topped the famous growths of Meursault and Batard-Montrachet...
From cured meats to riches : Jim Barret, aged 80 decided to sell out to Michel Reybier, the latter having made his fortune in the ham and sausage business thanks to his group "Aoste" which comprised of some twenty factories and controlled two other brand names, Justin Bridou and Cochonou. Reybier sold this meat empire to the American giant Sara Lee, then invested in the Cuban oil industry. He also owns three luxury hotels in Ramatuelle, Paris and Geneva.
The most remarkable of Michel Reybier's investments remains the Château Cos d'Estournel, famous classified growth of Saint-Estèphe, well-known not only for it's excellent wines but also for it's 19th century pagoda-style towers which sit atop the cellars.
Jean-Guillaume Prats, right-hand man at 38 : Cos d'Estournel is managed by Mr.Prats whose parents owned the estate until it was sold in the 1990s. Mr.Prats is to play a key role in Michel Reybier's Californian adventure : he will be president of a special management committee for the Californian estate. Other committee members include the technical director of Cos d'Estournel and Bo Barret, son of Jim, previous owner of Château Montelena.
The Californian property is comprised of 40 hectares surrounding the winery and another 40 scattered in the vicinity. Like many Californian wineries, grapes are bought in from other neighbouring producers. It's own production, almost exclusively cabernet sauvignon and chardonnay, producing 20 000 caisses per year. The best bottles are sold for a château price of 125 dollars a piece (80 euros). It may not be Cos d'Estournel but it's a far cry from Justin Bridou...
Bernard Broustet, S.O. 23/07/08
Translated by Maxine Colas..