Biz Buzz: Historic Arroyo ranch, winery sold to entrepreneur
Source: SanLuisObispo.com
October 03, 2007
The 3,500-acre estate east of Lopez Lake changes hands for ‘close to the asking price of $23 million’
Christopher J. Conway, founder, past president and chief executive officer of Mentor Corp., a Santa Barbara-based breast implant and medical device company worth hundreds of millions of dollars, recently bought the 3,500-acre Rancho Arroyo Grande east of Lopez Lake in San Luis Obispo County.
While not disclosing the exact sale price, Santa Barbara real estate broker Kerry Mormann said the deal closed for “close to the asking price of $23 million.” Mormann represented both Conway and the sellers, Santa Monica-based attorneys Gary W. and Thereza Verboon.
The property includes 245 acres of grape vineyards, 30 acres of olive trees, 10 acres of fossil stone gardens, an 11,000-square-foot home with ponds and pools, a large horse facility with barn and arena, and a wine cave, winery and tasting room. The estate also has permits for a 59,000-square-foot winery and more extensive tasting room, if desired.
“The ranch was bought as part of the family’s lifestyle,” said Mormann. “He lives in Hope Ranch in Santa Barbara and also has property on the East Coast, but the ranch gave him some diversity (with his portfolio). Plus his son loved the place.”
While the wine-making enterprise “intrigued” Conway, he has no experience as a vintner, Mormann added.
“To be honest, I don’t know what the future holds for the ranch, although I do know he retained the winery’s manager,” he said.
According to the Rancho Arroyo Grande Winery and Vineyards Web site, the town of Arroyo Grande was named after the estate, originally part of a Spanish land grant that supported Mission San Luis Obispo de Tolosa. The ranch also was the site of the historic St. Remy Winery, one of the first wineries in California, which operated until Prohibition in the 1930s.
The new owners could not be reached for comment.
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