Harvard University has purchased thousands of acres of vineyards in the last six years, but it may not be solely interested in producing wine.
The institution is scooping up land with prime access to groundwater, a resource that’s become increasingly scarce along California’s Central Coast.
The investment money came from the university’s $39 billion endowment, which is the largest academic endowment in the world. The Wall Street Journal reports that Harvard’s vineyards are now worth $305 million — more than three times what they were worth in 2013.
Forget houses. Let’s buy vineyards.
There is a glut of wine. It is so bad that vineyards are being replaced with orchards. I just bought a five acre farm with a vineyard and a pool. Bought at a discount. Both the pool and the vineyard have negative value. Too high maintenance costs.
Big growers are now using mechanical harvesting. Labor costs are too high.
The Ciatti Company’s latest newsletter advises, “Sellers can unload small lots of wine at the current prices, but those wishing to move large volumes must consider discounting their price. This is when opportunities could arise for buyers.”
Read more at: Early Reports Put 2018 Harvest at Above Average - Wines & Vines
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