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Napa royalty Far Niente acquires Provenance Vineyards
Historic Napa Valley estate Far Niente has snapped up Provenance Vineyards in Rutherford for an undisclosed sum, bringing its total land holdings to 215 hectares.
Hot on the heels of acquiring a Clos du Val vineyard in July, Napa wine estate Far Niente has announced it has bought another prime parcel of land – Provenance Vineyards in Rutherford, to the Valley’s north-west.
The site will become home to Far Niente’s ‘Bella Union’ Cabernet Sauvignon label, currently housed in Bella Oaks Lane, just minutes down the road. No price has been disclosed for the purchase. However, a recent acquisition by Suzanne Deal Booth in the Rutherford area completed for US$10 million.
The land grab is part of CEO Steve Spadarotto’s strategy to double Far Niente’s land holdings in the next several years, and brings the company’s total to 215 hectares.
“We’ve always been very supply restricted. We always run out of wine,” Spadarotto told San Francisco Chronicle earlier this year. “We realised as part of our longer-term strategy that we really need to buy more vineyards.”
Far Niente, one of Napa’s oldest wineries, plans to revamp the Provenance tasting room and re-open the facility with a new look in 2023.
Currently, Far Niente encompases six wine brands, ranging from single-vineyard Napa Valley Cabernet to Russian River Valley Pinot Noir and a Sauternes-style dessert wine. Bottles of Bella Union, which will be produced at the newly acquired site, retail for US$80 on the winery’s website.