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Napa Valley’s Shafer winery sold to Korean company for $250 million

A property development business that’s part of South Korean retail conglomerate Shinsegae has purchased Shafer Vineyards winery in Napa Valley, according to a news report in that country.

“With the acquisition, we plan to further expand the group’s wine business by creating synergy with its Shinsegae L&B that is in charge of the wholesale distribution of wine and liquor,” a Shinsegae Property official told the Korea Herald.

The English-language publication put the sale value at 299.6 million won, or $250.3 million.

Jeff Quackenbush covers wine, construction and real estate. Before the Business Journal, he wrote for Bay City News Service in San Francisco. He has a degree from Walla Walla University. Reach him at jquackenbush@busjrnl.com or 707-521-4256.

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