A real estate firm said Tuesday it plans to auction off a winery and residential development near Dahlonega next month.
Montaluce Winery & Estates, a 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 project was started during the real estate boom last decade and stalled when the second home market tumbled.
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.
For more on the auction, check out this story on our premium website for subscribers, www.myajc.com, or pick up Wednesday's print edition of The Atlanta Journal-Constitution.