UPDATE: Stevenot Owes $5.75 Million To Deed Holder

Stevenot Winery’s hurried Chapter 11 filing (see previous story) was precipitated by a foreclosure sale scheduled by Santa Rosa’s Bay Sierra Financial, Inc., which holds first trust deeds on the winery and adjacent vineyard.

According to Bay Sierra’s John Graziano, Stevenot owes $2,470,000 on the deed for the winery and $3,282,500 on the adjacent vineyard.

Graziano told Wine Industry Insight that only the winery had been scheduled for foreclosure. “The vineyard is a separate entity and we will forclose on that too unless it also files Chapter 11.”

“We haven’t had any notice of the Chapter 11 yet,” Graziano told WII.

STEVENOT  TO DISCUSS CHAPTER 11 “WHEN DUST SETTLES”

In an email to Wine Industry Insight, Stevenot representative Al  Munari said, “Events regarding Stevenot Winery continue to change; the foreclosure scheduled for today on various parcels did not occur. Once the ‘dust settles’ and our future is more definable, I’d be happy to discuss the situation with you.”