Monday,
October 16, 2006
Brad Pitt to Buy Prestigious "Fontanafredda" Vineyard ??
The
ANNOTICO Report
Fontanafredda, a 250-acre estate was founded in 1878 by Count
Emmanuel Guerrieri, the son of King Victor Emmanuel
II,
The
vineyard, whose name literally means "Cold Fountain" on account of
the coolness of the climate in the area, produces some of
Bank
of Monte dei Paschi di
Earlier
this year, Brad Pitt, stayed in the royal suites at Fontanafredda , and was
reportedly shown around with a view to a purchase.
Telegraph
Co.
By Malcolm Moore in
October
16, 2006
One of
"Fontanafredda
can be sold," said Giuseppe Mussari, the
president of the Bank of Monte dei Paschi di
A sale is likely to
kick-start a fierce auction that will highlight how well the Italian wine
industry is faring, especially compared with the crisis-hit French industry.
Until now, the bank has
fiercely defended Fontanafredda, which lies in the
heart of the Langhe region of the
A spokesman confirmed that
the Bank has decided that vineyards, once a badge of pride, no longer have a
place in a modern bank's portfolio.
Antonio Sclavi,
president of the holding company which controls the vineyard, said the bank
would listen to offers for all of its agricultural and land holdings, including
the Poggio Bonelli and
Villa Chigi Saracini
estates in Chianti and the Tenuta Marinella,
a 2,500-acre cattle farm in the Maremma which is
being converted by property developers.
A spokesman said it was
impossible to put an indicative price on the estates. She said the bank
recently appointed an expert to value Fontanafredda,
which the bank acquired in 1931.
The vineyard, whose name
literally means "Cold Fountain" on account of the coolness of the
climate in the area, produces six million bottles of wine a year, employs 90
people and had sales of 33.8m (#22.8m) last year. The bank would not reveal its
profits.
Both Barolo and Barbaresco hold
Zignago, a conglomerate which produces wines, wine glasses
and fine linen, has emerged as the most likely buyer. Zignago
has bid for the estate in the past but was told that Fontanafredda
was not for sale.
Earlier this year, Brad
Pitt, the Hollywood actor, stayed at Fontanafredda in
the royal suite, and was reportedly shown around two smaller neighbouring vineyards with a view to a purchase. He looked
at the Cascina Cucco estate
in Serralunga and the Poderi
Aldo Conterno in nearby Monforte,
both worth more than #4m.
Overall, the Italian wine
business had a record turnover of 9billion last year, according to Coldiretti, the agricultural union. A large slice of the
success has come thanks to an 8pc jump in the value of wine exports, as
vineyards begin to market themselves more aggressively overseas. Fontanafredda now sells more than a fifth of its wine
abroad.
The success of the Italian
wine industry is in sharp contrast to
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