Hambrecht Sells Floodgate Vineyard To Pay Obligations

William Hambrecht has sold Floodgate Vineyard in the Russian River Valley AVA. Hambrecht previously told Wine Executive News that the funds were earmarked to pay a raft of court judgments, settlements and personal guarantees estimated at more than $11 million.

The funds will also go to pay off the mortgage holder on the property which had previously foreclosed on the property and had scheduled it for a trustee auction shortly after Truett-Hurst (whose bank loans were partially backed by Hambrecht’s personal guarantees) began its now-successful IPO process.

See Billionaire’s Cash Flow Issues Have Broad Impacts for previous reporting on this by Wine Executive News.

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