SOURCE: J. P. King Auction Company

J. P. King Auction Company

April 08, 2011 14:29 ET

Kluge Estate Winery Sells at J. P. King Real Estate Auction for $8.07 Million

CHARLOTTESVILLE, VA--(Marketwire - Apr 8, 2011) - The Kluge Estate Winery sold at real estate auction yesterday for $8.07 million at an event conducted by J. P. King Auction Company, the nation's premier real estate auction marketing firm.

The 1 p.m. sale brought 23 registered bidders from six states and two countries to the famous winery, where bidding lasted for nearly three hours before bidders Donald Trump and Sal Cangiano split the property. Trump's corporation bought the majority of the property with tracts three, six and seven, which includes the vineyard, event pavilion, large office barn, carriage museum, cottages, winery production building and barrel cave on 776 acres. Tract seven, which didn't include any real estate, is the trademarks and naming rights to the Kluge brand.

Cangiano bought tracts one, two and five, giving him the Farm Shop with a tasting room and full-sized kitchen on 121 total acres. Cangiano purchases totaled to $1.87 million, while Trump paid $6.2 million.

"With a unique property like this, we knew it would take someone like J. P. King to market the property and get the word out," said Chip Saufley, Regional Lending Manager with Farm Credit, which purchased the winery at a foreclosure auction in December. "We know they were able to do that for a very special property, and we're pleased with the results."

In the two weeks that the property was available for touring, 40 parties came through the Kluge Winery as interested bidders. On auction day, 23 bidders attended from Florida, Virginia, Ohio, Massachusetts, New York, Colorado and Ireland.

"We had a great turnout for registered bidders and a packed house overall," said Craig King, president and CEO of J. P. King Auction Company, who was also the auctioneer at the event. "We're excited for the new owners and what they can do with the property, and at the end of the day, we know this was a good price for both our buyers and our seller."

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, Colorado, Wisconsin, Alabama and Wyoming.

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