Bordeaux wine estate Château Lascombes is to be bought by an American business and supervised by Dr Alain Reynaud, owner of Saint-Emilion's Château Quinault.
The American Pension Fund Group, Colony, has agreed a price of FF480 million (US$67m) for the 85-ha Margaux second growth, owned by UK brewer Bass-Charrington. The sale will not be finalized until 8 March 2001.
Reynaud has been asked by the company to oversee the winemaking, the ageing of the wines and the marketing. The one-time president of the Union des Grands Crus de Bordeaux had practiced psychiatric medicine for 28 years until he decided to buy the 12-ha Saint-Emilion Grand Cru Château Quinault in 1997, which he completely renovated. 'I enjoy a challenge,' he says, ' which is why I have invested in estates I expect to be able to improve.'
The per hectare price compares favourably with that paid for the 22-ha Saint-Emilion First Growth, Clos Fourtet, which was recently sold for FF300m (US$42m). In addition, the stock of some 1,500 bottles in the cellars of Lascombes should help recover part of the funds invested.
Now Reynaud plans to turn second growth Lascombes around, assisted by well-known husband and wife oenologists, Michel and Dany Rolland and Professor Yves Glories of the Faculty of Oenology.
The property was brought to prominence by Alexis Lichine of Prieure-Lichine before he sold it to Bass-Charrington, which invested heavily in the estate. However, the brewery has finally decided to cash in on its investment.
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