SOURCE: J. P. King Auction Company

J. P. King Auction Company

March 16, 2011 17:19 ET

Kluge Estate and Winery to Sell at Absolute Real Estate Auction

CHARLOTTESVILLE, VA--(Marketwire - March 16, 2011) - Kluge Estate and Winery, one of Virginia's most prestigious wineries, will sell at a real estate auction on April 7. The 901-acre property, which is best known for its exceptional sparkling wines and blended reds, will sell absolute with no minimums and no reserves at an event conducted by J. P. King Auction Company.

The Kluge Winery was purchased at a foreclosure auction by Farm Credit, who will sell the winery in five tracts or as an entirety. Despite rumors that the property may sell before auction, the property is guaranteed to sell on auction day.

The five tracts range from six to 647 acres and include improvements such as a winery with a barrel cave, cottages, office space, a carriage museum and an event pavilion.

"We divided these parcels so that it would maintain the natural beauty and purpose of the winery," said Craig King, president and CEO of J. P. King Auction Company. "With the property having no minimum or reserve price, it provides an opportunity to enjoy it as a residential development, for recreational use or for timber."

The Kluge Winery has natural conditions that receive 211 growing days during the season. With 10 varieties of grape planted, the soil quality and orientation of the vines can produce a variety of world-class still and sparkling wines, including Bordeaux, Cabernet Sauvignon, Merlot, Cabernet Franc, and Chardonnay, as well as a trio of food-friendly wines known as the Albemarle brand.

Currently, 164 acres are under vine, but an additional 60 acres of cleared land have an ideal slope and elevation for future planning. An auction representative will be available to show the property by appointment from March 24 through April 6.

The auction will take place on Thursday, April 7 at 1 p.m. onsite at the Kluge Winery Event Pavilion, located at 100 Grand Cru Drive in Charlottesville. For additional information, individuals may contact J. P. King at 800.558.5464 or visit the company's website at www.jpking.com.

J. P. King Auction Company specializes in high-value properties and portfolios such as luxury homes, developments, condominiums and land and ranches. The company has marketed properties in all 50 states and six countries with recent sales in Texas, Alaska, Tennessee, Oregon, Wisconsin, Alabama and Wyoming.

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