News Briefs for April 27, 2018April 27, 2018
•The Entenmann family of baked goods fame has sold its North Fork of Long Island property, Big E Farm, to a family-run Mexican wine company for $15 million. The sale, finalized April 20, includes Martha Clara Vineyards, which includes a tasting room, event space and 113 acres of vines. The purchase price was the second-highest in North Fork history, behind only a $19.5 million waterfront property sale in 2008, according to Corcoran Group, the real-estate company behind the deal. Wine Spectator has more.
•Global wine production dropped 8.6% to 250 million hectoliters in 2017, according to the International Organization of Vine and Wine (OIV). The OIV projects that production in Italy declined by 17% to 42.5 million hectoliters, France dropped 19% to 36.7 million hectoliters, and Spain fell 20% to 32.1 million hectoliters. Production in the new world was mixed, with the U.S. declining 1% to 23.3 million hectoliters, and Chile falling 6% to 9.5 million hectoliters. Argentina, up 25% to 11.8 million hectoliters, and Australia, up 5% to 13.7 million hectoliters, performed best among major wine producing regions in 2017. Analysts say the lower global output has the potential to strain pricing looking ahead, especially at entry-level price tiers.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.