Parcels One and Two are planted to a variety of wine grapes at Pheasant Ridge Winery in Lubbock, Texas. Click photo for a larger view.
Pheasant Ridge Winery in Lubbock fetched a total of $709,682 at auction early this afternoon. There were 14 registered bidders among the 50-plus people who attended the auction, conducted by the auction house Williams & Williams, at the winery facility in the Texas High Plains AVA. Additional bidders took part in the sale online.
The 122-acre property includes approximately 35 acres of vineyard and was divided into four parcels for the auction. One bidder bought the first two parcels for a total of $650,460, and a second bidder bought both the third and fourth parcels for a combined $59,220. The first parcel of 11 acres sold for $500,000 and included the 5,800-square-foot winery building, which has a tasting room, showroom, office, barrel room and wine-production area as well as the winery equipment and wine inventory. Some Cabernet Sauvignon and Sémillon grapes are planted on this parcel.
The second parcel sold for $150,460 and included 49 acres, the vineyard equipment and the bulk of the vineyard acreage. The vineyard, one of the first in Texas to be planted with vinifera grapes, is comprised of Cabernet Sauvignon, Pinot Noir, Cabernet Franc, Merlot, Ruby Cabernet, Chardonnay and Chenin Blanc and has two water wells (each approximately 250 feet deep) to irrigate the vines.
Both the third and fourth parcels have no water source, and the buyer must drill new wells. The third parcel of 32 acres sold for $23,338, and the fourth parcel with 30 acres went for $35,882. Currently this land is either tilled or unimproved.
According to Amy Bates, president of BuckinghamBates Global Marketing, a management consulting company that works with the auction house, Williams & Williams will not disclose the names of the successful bidders until the sale is completed in 30 days. However, Bates did tell Wines & Vines that the purchaser of the winery and vineyard property plans to continue to operate the facility as a winery. The buyer of the third and fourth parcels has not determined what he or she will do with the land.
As previously reported
by Wines & Vines
, Bobby and Jennifer Cox originally planted the vineyard at Pheasant Ridge Winery in 1979 and started the winery in 1982. William E. Gipson, a geologist who was president of Pennzoil Offshore Gas Operators in Houston, Texas, became the owner of the winery in 1992. Gipson is now retired, and the family decided to find a new owner for the winery by selling it at auction.