Floodgate: Prime Sonoma Vineyard,150K-case winery Sold for $100 (Not A Typo)

For Sale, Sold, Sold Again: Floodgate Vineyard: 15 prime acres and a 150,000-case winery .

• Spring, 2013: Listed for $17 million.
• June 2013, Sold: $10.2 million
  
• May 22, 2014, Sold at Sonoma County Sheriff’s auction for $100 (not a typo).

When William Hambrecht needed cash to pay off $11 million in legal settlements last year, he sold this prized property. But the price didn’t bring enough to pay all his debts and agreements. According to legal sources and others associated with Hambrecht’s settlements, he paid the largest debtors to make them go away so he wouldn’t continue to hinder the Trustt-Hurst IPO.

Problem is, he forgot his smallest debtor, a former Hambrecht Wine Group employee who had won a $56,263 employment judgment prior to the sale.

Being ignored made her and bulldog-attorney Peter DeGolia of Santa Rosa madder than Hell.

And now, according to DeGolia and Sonoma County documents, that former employee now owns the whole winery and vineyard property free and clear.

And the anonymous faces behind the Floodgate Vineyard LLC that paid $10.2 million for it last June? Could be left out in the cold.

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Also In This Article:

The full text of the following sections is available to premium subscribers of Wine Executive News.

• Timing is Everything

• Probable Legal Battle Ahead

• One More Anonymous LLC

• “Just Go Change The Locks”

• Expanded Hambrecht Empire Map Pertaining To This Article At Wine Executive News

Documents Available For Wine Executive News Subscribers

• Writ of Execution From Sheriff’s Sale Filed May 22, 2014

• Sales Brochure For Floodgate Vineyards, Circa May 2013

Previous Coverage

• Hambrecht Debt and Legal Woes Keep Mounting
• Hambrecht To Leave Truett-Hurst Board
• Truett-Hurst Pays Hambrecht & Co $2.1 Million In Fees For IPO
• Hambrecht Sells Floodgate Vineyard To Pay Obligations
• Bill Hambrecht: Billionaire’s Cash Flow Issues Have Broad Impact
• Truett-Hurst Insiders Bail Out IPO, Trading Begins
• Truett-Hurst Drops Offering Price Again
• Truett-Hurst IPO Struggles With Wary Investors, Pricing, Delays
• Truett-Hurst: Insiders, Ownership, History and Conflicts of Interest
• Truett-Hurst IPO Stumbles Over Red Flags & Confusion

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