Napa County Winery Faces Foreclosure After $37M Debt
1 report, 1 independent
Updated Sep 21
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What happened
Signorello Estate, a winery in Napa County, is scheduled to be auctioned off on October 2nd. The winery owes $37 million to American AgCredit, a borrower-owned cooperative that finances agriculture businesses. The financial crisis follows years of challenges, including damage from the 2017 Atlas Fire and rising construction costs for rebuilding.
From indiatimes.com
Why it matters
The foreclosure marks a significant event in the agricultural sector, as the last winery foreclosure in California occurred in 1992. The winery's rebuilding efforts were complicated by permitting delays, the pandemic, tariffs, and the wine crisis, which impacted its restaurant wine business.
From indiatimes.com
Who's involved
- Napa CountyThe county where the winery is located and where the auction will take place.
- YountvilleAn incorporated town within Napa County.
- CalistogaA city located within the jurisdiction of Napa County.
- board of supervisorsThe governing body that oversees the operation of Napa County.
- Melanie ParkerHolds the CEO position of the Land Trust organization within Napa County.
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The entities involved
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Napa County
county in California, United States
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