One of New Zealand’s most prestigious wineries, the Goldwater Estate, has been sold for over NZ$10m (£3.5m).
The purchaser, the New Zealand Wine Fund, has already bought Marlborough’s Vavasour Wines in 2003. It expects combined sales this year of NZ$12-15m from around 200,000 cases of wine a year.
The Goldwater Estate winery was the first winery to be set up on Waiheke Island, near Auckland, founded in 1982 by Kim and Jeanette Goldwater.
The Goldwaters are going to re-invest two-thirds of the sale price in the NZ wine company, giving them a 20% share holding and a seat on the board.
‘I believe I have some wisdom I can contribute having been in the industry now for 30 years,’ Kim said.
He added that his daughter and son-in-law will remain involved in the business, primarily to help grow Goldwater’s brand in the US and the UK.
Goldwater Estate wines are at the top end of the market and hold the record for the most expensive bottle of New Zealand wine ever sold – a six litre bottle of sauvignon blanc that fetched NZ$13,680 (£4,758) at an auction in Houston last year.
Written by Mary Ring