Business news: Syndicate pays 20m euro for Sauternes estate

A consortium of buyers has purchased Château Guiraud, the First Growth Sauternes estate, for an estimated €20 million.

The château was acquired from the Canadian Narby family by a syndicate made up of French car firm-owner Robert Peugeot, Stephan von Neipperg of Château Canon La Gaffelière in St-Emilion, Olivier Bernard of Grand Cru Classé Domaine de Chevalier in Pessac-Léognan and Guiraud’s current winemaking director, Xavier Planty.

The majority of the equity has been purchased by Peugeot, although it is understood that he will not take part in the day-to-day running of the property. Planty will retain his winemaking duties while Bernard and von Neipperg will help market the wine.

The château, which lies in the town of Sauternes, is famed for its botrytis-influenced sweet wines.  The estate encompasses 128 hectares including 98.21ha under vine. Over 82ha are dedicated to the Sauternes AC, which uses 35% Sauvignon Blanc – 25% more than the average Sauternes. The rest of the vines are used to make the dry white wine G de Guiraud.

Château Guiraud was considered to be a bargain compared to Château Montrose, a Second Growth property, which sold for E140m earlier on this year.

© db July 2006