Sonoma company buys Cosentino Winery

2011-01-05T00:00:00Z 2011-01-05T10:02:22Z Sonoma company buys Cosentino WineryALISHA WYMAN Napa Valley Register
January 05, 2011 12:00 am  • 

Santa Rosa-based Vintage Wine Estates has purchased the defunct Cosentino Winery on Highway 29 north of Yountville.

Vintage Wine Estates owns Girard Winery, Sonoma Coast Vineyards, Windsor Sonoma Winery and International Wine Accessories.

The sale marks the end of the road for the embattled Cosentino Winery. Many grape growers and other creditors have filed suit against the winery for nonpayment.

Toward the end of its life as a business, the winery had several outstanding liens and owed federal and state taxes. 

Physicians Reciprocal Insurers, Cosentino’s senior secured creditor, took ownership of the St. Helena property last fall after Cosentino defaulted on its loan and the property was foreclosed upon, according to Napa County Assessor Recorder records.

At a trustee sale in December, no one met the minimum bid for the property of $10.55 million, so PRI went into negotiations with Vintage Wine Estates, said Mark Feinberg, vice president of marketing for Vintage Wine Estates.

Cosentino’s loan with PRI was $12.5 million. 

Records at the Assessor Recorder’s office show that Vintage Wine Estates now holds the deed for the property with a $6.9 million loan from PRI as of Dec. 31, 2010.

This loan may only be a partial amount of the sale, said County Recorder John Tuteur. The full amount of the transaction isn’t disclosed, he said.

When its finances collapsed, the winery lost its license with the Department of Agriculture that had allowed it and its parent company, Cosentino Signature Enterprises LLC, to purchase grapes.

The Register couldn’t reach Larry Soldinger, the chief executive officer of Cosentino Signature Enterprises, on Tuesday. A phone number for Cosentino referred customers to its website.

Feinberg said Vintage Wine remains in negotiations with PRI for the purchase of the winery and certain assets. The company will not take on Cosentino’s debt, he said.

He declined to comment in more detail about the winery’s future or the people involved until the negotiations are final, he said.

“There are many things in play,” he said.

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(1) Comments

  1. winespark
    Report Abuse
    winespark - January 05, 2011 9:55 am
    Hello, minor correction, I believe the spelling is Girard Winery---not Gerard.
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