clear
Friday February 12th, 2016 11:37PM

Montaluce vineyard in Lumpkin Co. to be auctioned

By The Associated Press
DAHLONEGA, Ga. (AP) A 400-acre winery and residential development near Dahlonega is scheduled for auction next month.

Montaluce Winery & Estates was started last decade during the economic boom and stalled as the recession wiped out the second home market. The Tuscan-themed vineyard, restaurant and residential development was initially envisioned as a $300 million-plus project with about 300 homes, cottages and vacation rentals.

The opening bid is expected to be $1.5 million, or about $3,750 per acre, according to CBRE Auction Services, the firm handling the June 26 online auction.

The winery and its restaurant are operating and the property will be sold under condition that scheduled events such as weddings are honored, said Douglas Johnson, a managing director of CBRE Auction Services.

The property has about 20 completed homes and about 60 lots were sold, the firm said. Montaluce is ripe for a hotel and additional conference facilities and has land ready for new home development, Johnson said.

CBRE is marketing the property globally, he said, and potential bidders include developers, real estate investors, vineyard operators, entrepreneurs and hoteliers.

"It's really just a spectacular area," Johnson said.

The project was initially developed by Beecham Builders, and construction started about six years ago, said Larry Reiter, Lumpkin County director of planning and public works. But an investor group acquired the loan on the property and took control after the market dried up.

That investor group now plans to sell.

"If (Beecham) would have started this thing three years earlier they probably would have been built out, and they would have had all their lots sold out and they'd be one of the top developments in North Georgia," Reiter said. "Unfortunately the economy killed them."

The project, which even received some coverage in The New York Times, targeted wealthy Atlanta residents and others seeking mountain vacation homes, Reiter said.
© Copyright 2016 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US stocks post sixth straight year of gains
U.S. stocks ended a strong 2014 with moderate declines Wednesday.
4:43PM ( 1 year ago )
Palestinians push ahead in pursuit of war crimes charges against Israel
Stung by a resounding defeat in the U.N. Security Council, the Palestinians announced Wednesday that they joined the International Criminal Court to pursue war crimes charges against Israel.
1:57PM ( 1 year ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 1 year ago )
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 1 year ago )
Sheriff: Man shot 2 on I-85 because he wanted car
A 22-year-old man shot two people who stopped to give him a ride on Interstate 85 in South Carolina on Christmas Eve because he wanted their car to drive to Georgia, a sheriff said Wednesday.
5:21PM ( 1 year ago )
Local/State News
U.S, Cuba to resume commercial flights for 1st time in 50 years
The United States and Cuba will sign an agreement next week to resume commercial air traffic for the first time in five decades, starting the clock on dozens of new flights operating daily by next fall, U.S. officials said Friday.
By The Associated Press
9:35PM ( 2 hours ago )
Former Virginia Gov. Jim Gilmore says he is dropping out of the race for the White House
WASHINGTON (AP) — Former Virginia Gov. Jim Gilmore says he is dropping out of the race for the White House.The Republican says in a statement he plans to support his party's nominee and will continue...
5:03PM ( 6 hours ago )
Banks County pauses to honor fallen U.S. officers
Banks County Sheriff's Office officials and members of the community paused Friday to pray for law enforcement and remember fallen officers from around the country.
4:19PM ( 7 hours ago )
Authorities seize $566,000 in meth, marijuana in Gainesville bust
​Drug agents and police officers seized 20 ounces of methamphetamine, five guns and three marijuana plants during the arrest of a Gainesville man this week.
3:52PM ( 7 hours ago )
Police standoff ends peacefully at Gainesville hotel
It took about 90 minutes for Gainesville Police to take a suspect into custody Friday afternoon, following a standoff outside a hotel room.
2:50PM ( 8 hours ago )