NewsKorean Luxury Firm Buys Napa Icon Shafer Vineyards For $250 Million

Korean Luxury Firm Buys Napa Icon Shafer Vineyards For $250 Million

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Iconic Napa winery Shafer Vineyards has been sold to Shinsegae Property for a reported $250 million in a deal that includes 225 acres of vines. The Korean luxury firm’s portfolio comprises retail, hotels, and golf resorts among others.

Shafer Vineyards’ president Doug Shafer, who also will stay on, said in a statement that he hopes the sale will allow him more time to explore projects and focus on the things that made him fall in love with the wine business.

“For those who are fans of our wines and our team, you’ll see a continuation of everything you love about the winery,” he said. “There may be some new things down the road that I think you will love and embrace as well.”

“It’s been the privilege of a lifetime to have joined my dad here as winemaker in 1983 and to have taken over as president in 1994,” added Shafer. “The Shafer hillside estate has been the site of grape growing and winemaking for more than 140 years, and it has been an incredible honor to act as the latest stewards of this land and to produce wine from the gifts these vineyards have given.”

John and Betty Shafer were pioneers in Napa’s Stags Leap District, purchasing a property with old, unkempt vines in 1972 and transforming it into one of the valley’s cornerstone estates. Today, its 225 acres of vines are spread over four ranches (two in Stags Leap District, one in Oak Knoll District, and one in Carneros). The winery produces around 33,000 cases annually. John passed away in March 2019.

“I have a lot of confidence in this new team,” said Shafer. “Their focus and the long-term focus at Shafer are very much in alignment—it’s all about quality. Quality vineyards, quality wines, quality customer care. Shafer remains in good hands, and if my parents could be here for this moment, I know without question that they would agree.”

For more information, head over to Shafer’s official website.

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