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The Squeeze on Napa Valley Wine
Mar 11, 2010
Falling land prices and changing tastes in California's wine country, home to American's priciest pours, are popping its bubble.That sound you hear is not the uncorking of a Cabernet—it's the popping of California's wine country bubble. Crumbling land prices and a newfound popularity of cheaper wine may turn 2010 into a vintage year for Napa Valley foreclosures. As many as 10 premium wineries and vineyards in the area—home to the nation's priciest grapes—will change hands in distressed sales or foreclosures this year and next, according to an estimate by Silicon Valley Bank (SIVB).
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