Covering Kentucky

Jul 23, 2014 9:44 PM

Central Kentucky Winery Auction Off

RICHMOND, Ky. (AP) - A one-time tobacco farm that had been converted to a winery has now been converted to multiple tracts of land and a lot of equipment scattered about to new owners.

An auctioneer sold off the Acres of Land Winery in Richmond at a foreclosure liquidation sale Tuesday as the former owners attempted to settle more than $1 million in debt.

Kevin Jordan of Schrader Auction of Indiana told WKYT-TV and the Richmond Register that adjacent property owner Robert Minerich bought the Land's 415-acres for $730,000, about $1,825 per acre while the auction of winery and farm equipment totaled about another $250,000.

The $980,000 proceeds exceeded the $905,000 the Lands owed to Central Kentucky Ag Credit.

Minerich says he may use the land for farming, but will not revive the winery.

(Copyright 2014 The Associated Press. All rights reserved.)

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