Posted on February - 27 - 2011
Sakonnet Vineyards in Little Compton reduces asking price to $8.9 million
LITTLE COMPTON – In an effort to sell the 35-year-old Sakonnet Vineyards, its owners have reduced its price to $8.9 million and launched a national marketing campaign.
Vineyard owner Earl Samson told Providence Business News he and his wife, Susan, have decided it is time to retire after 23 years of running the business they purchased in 1987.
The couple, in their 70s, initially listed the business, vineyard and adjoining coastal land in May 2010 for $10.5 million, hoping to sell the 170-acre property quietly.
But Samson said no buyer emerged and the owners decided to reduce the price and step up advertising. On Friday, an advertisement for the vineyard appeared in the Wall Street Journal.
Samson said the couple is ready to retire.
“I doubt we’ll ever leave Little Compton but we’ve been at this for almost 25 years and it’s time for new energy, a new approach,” Samson said.
A buyer, Samson said, would have limited options for the vineyard part of the land, which covers about 100 acres. The local conservancy holds a development easement that limits the vineyard portion of the land to agriculture. But the adjacent land includes five subdivided lots, each more than 13 acres, that could host homes.
Samson said he would prefer that one person purchase the entire piece of property and maintain the Sakonnet business and brand.
The vineyard produces more than 30,000 cases of wine annually and 15,000 people toured the operations last year.
Samson added that the business is profitable and has a dedicated local following. He plans to keep the doors open until a buyer arrives.
“It’s become a Rhode Island institution; hopefully, it will live on and we’ll find the right buyer to take over the whole thing,” Samson said.
Lila Delman Real Estate, a Narragansett-based firm specializing in luxury real estate, is listing the property.
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