Copia sale imminent
November 10, 2009
By John Abbott
A Santa Rosa bankruptcy judge has approved the liquidation of Copia, with a sale now imminent.
Following the ruling on Friday, Copia (the American Center for Wine, Food and the Arts) will now be dissolved in an attempt to recoup money loaned to it by creditors.
The 17-acre complex - which includes a museum, a library, and a demonstration kitchen - is thought to be worth around $35m, according to estimates in court filings.
Stephen Nuzzolo, a spokesman for real estate advisor Alvarez & Marsal, said that bidders have until 12 November to submit proposals for the property.
'There's been significant interest - more than one bid has already been submitted for the property and additional offers are expected before time runs out next Thursday,' he said.
Copia, which opened in 2001, received an initial $25m worth of funding from the Mondavi family.
Despite attracting more than a million visitors a year, the centre was losing around $5m annually, and eventually closed in November 2008.
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