A 60-acre estate in the hills of California’s Santa Ynez Valley is hitting the market for $34.5 million.
The estate is home to a 40-acre working vineyard that can produce 7,500 bottles of wine annually, as well as an olive grove that produces 2,200 gallons of olive oil a year, according to the Wall Street Journal.
The wine country estate was largely developed by William and Jan Sanger, who bought the property 10 years ago for $5 million. William Sanger is a healthcare investor and a former chairman and CEO of Envision Healthcare.
When they purchased the property, it was home only to an olive grove. The Sangers had the vineyard planted and now their eponymous brand, Sanger Family of Wines, sells 22 types of wine and generates $2 million in annual revenue. The wine is made at a nearby facility in Los Olivos.
They also commissioned a 15,000-square-foot mansion on the property. The home was nearly complete in 2016 when a fire damaged much of it, so they rebuilt the home.
The house has four bedrooms. There are another two bedrooms in a detached guest house.
The mansion also has a 3,000-square-foot wine cellar with a kitchen, dining area and seating areas. There is also a scotch and cigar bar lounge.
The grounds include tennis and bocce courts, a pool and a private lake. There are two barns and a pair of three-car garages.
An onsite water tower was converted into an observatory and the couple had 120 cypress and stone pine trees planted around the property.
The couple estimates they spent $27 million buying and developing the property.
William Sanger told the Journal a neighboring vineyard totaling 120 acres is also on the market and could be combined with their property.
Nearby Estelle Vineyards features a 120-acre vineyard and is asking $8.5 million. Another parcel of 280 acres can be had for about $17 million.
[WSJ] — Dennis Lynch
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