Harvard spends $60m on vineyards

Harvard University has spent $60m on 4,050 hectares in Santa Barbara and San Luis Obispo since 2012, making it one of the top growers in Paso Robles.

As reported by Reuters, the university secured water well drilling permits for its vineyards days before new pumping was banned in the drought-stricken region.

“It remains to be seen what commitment they have to the business of agriculture,” Susan Harvey of environmental advocacy group North County Watch told Reuters.

“Is Harvard going to keep pumping ground water, or cut back on returns to protect water quality and quantity?” she added.

Irrigable land in Paso Robles costs in the region of $15,000- $20,000 per acre, compared to US$3,000 for an acre of dry land.

Since it began its buying spree, Harvard’s investment fund, Brodiaea, has acquired rights to drill 16 water wells of between 700 and 900 feet deep.

“The area they bought in has some of the best groundwater in the region, and having working wells puts their investment in a strong position,” local real-estate appraiser David Hamel told Reuters.

Paso Robles’ irrigable land prices are expected rise further due to increased interest from investors from Napa and Sonoma, where an acre now costs between $75,000-$100,000.

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe to our newsletters

Sales Manager

The Drinks Business
London, UK

Account Manager

Justerini & Brooks
Edinburgh, UK

Senior Partner Manager - eCommerce

Maverick Drinks
London, UK

Buyer

Liberty Wines
London, UK

HR Co-ordinator

Liberty Wines
London, UK

Director of Sales

Gulf Brands International
Bahrain

Head of Trade Marketing

Lanson International UK Ltd
London W1

Customer Development Manager

Love Drinks
London, UK

Junior Brand Manager x2

Enotria&Coe
London, UK

Assistant Brand Manager

Swallow Associates Ltd
Kings Langley, UK

Champagne Masterclass

London,United Kingdom
10th Sep 2018

THE GREATEST ITALIAN SPARKLING WINES TASTING

London,United Kingdom
10th Sep 2018

Cape Wine 2018

Cape Town,South Africa
12th Sep 2018
Click to view more

The Global Beer Competition

Deadline : 22nd August 2018

The Global Malbec Masters 2018

Deadline : 1st September 2018

Click to view more

Cabernet Sauvignon Masters 2018

the drinks business is proud to announce the fifth year of its Global Cabernet Sauvignon Masters

The Global Pinot Noir Masters 2018

the drinks business is proud to announce the fourth year of the Global Pinot Noir Masters, the most extensive competition in the Global Masters series.

Click to view more