The Winery That Balls Bought
Basketballs that is. Oakville’s Screaming Eagle Winery has been sold for an undisclosed sum, (estimated around 20-30 Million), to Santa Barbara based Charles Banks (38), a money manager for NBA players and other athletes, and his business partner, entrepreneur Stanley Kroenke, owner of the Denver Nuggets and a real estate tycoon. The transaction was reported on a few days ago by Wine Spectator (Click the 4th link down that says “Wine Spectator Online | Feature Teaser | Screaming Eagle Sold” to see the members-only article).
Kroenke also owns the Colorado Avalanche hockey team and the Pepsi Center arena where his teams play. His wife, Ann Walton Kroenke, is an heir to the Wal-Mart fortune, but Banks emphasized that the purchase did not use the Walton family’s money.
Banks is dedicated to keeping the prestige of this winery in tact. Parts of the vineyard need to be replanted, and he has signed up renowned vineyard manager David Abreau for the task. As far as keeping Heidi Barrett on as winemaker, Banks commented that she can stay as long as she wants. With a winery that Grosses around 1.8 Million a year profit, many have wondered if this purchase really makes much sense on paper, but Charles Banks seems to have found a personal treasure and appears to be a very successful businessman.
A letter from Jean Phillips, the original owner of the winery, was sent to her mailing list customers and appeared on this thread on the erobertparker forum. From reading her words it’s plain to see that this was both a joyful and painful transaction for her.
March 17, 2006
My faithful friends,
As you know each spring I sent out a newsletter and order form for the latest release. This year I am late for a couple of reasons. First, my wonderful assistant Martha Lopez has been busy applying for permits in different states to make it easier for many of you to take delivery of your wine. The direct shipment rules are complicated and somewhat confusing. The great thing about Martha is she worries as much as I do about taking care of the wine and your special needs, as you already know.
Secondly, and sadly I want to share with you that as of today, I no longer own Screaming Eagle, though it will always own me. I have lived and worked on this beautiful ranch for the better part of the last twenty years; a third of my life — sometimes it feels like my whole life. The joy came from the hard work alongside a terrific crew including Martha’s husband Luis among many others. The luck came by being blessed to have a following of people who have appreciated the wine and made this little label so famous. Thank you.
The good news is the new owners are going to make it even better. They will renovate the old structures or build new ones and replant the vineyard. I truly believe both the vineyard and the wine can and will be better utilizing some of the new techniques available. The owners have exciting plans to keep it small but raise the bar on quality. I will be cheering them on and be proud to see the Eagle soar even higher.
I am sure you will be getting a letter very soon about the release of the 2003. It is packed and ready to head your way. I feel the new owners will honor your devotion and history. My dear friend and winemaker Heidi Barrett put together a great blend and I know you will enjoy this vintage. I will miss laughing and working with Heidi. We were a good team. She deserves a lot of credit for tolerating my fanatically worrisome ways.
This letter is painful to write, because I feel I am saying goodbye to very dear friends. Some of you I have met in person, some just spoken with on the phone, yet I have seen all your names over and over and feel we have shared so much together. You have been generous with sharing your memories, photos, tasting notes, and humorous moments–inventing who knows how many stories–trying to buy the wine. I have loved them all, even the far fetched ones. I will miss you.
As I slow down a bit in life, I will lift a glass of Screaming Eagle and toast you. This incredible journey started when Robert Parker rated the first release, the 1992 vintage, 99+Pts and then the saga continued as James Laube followed with glowing articles in the Wine Spectator, but truly it was you that made it so special. You bought it, drank it, loved it. It now has a life of its own “Flying High and Proud”. You made my dream come true. I will remain forever grateful.
Jean Phillips
Read [Sfgate.com]
