Business
Business

Firm to auction Lumpkin County’s Montaluce vineyard

Montaluce Winery & Estates near Dahlonega in Lumpkin County is scheduled to be auctioned June 26. The property, a planned $300 million-plus development, includes 35-acres of vineyards, a functioning winery and fine-dining restaurant and home sites for future development.

Credit: CBRE AUCTION SERVICES

Credit: CBRE AUCTION SERVICES

Montaluce Winery & Estates near Dahlonega in Lumpkin County is scheduled to be auctioned June 26. The property, a planned $300 million-plus development, includes 35-acres of vineyards, a functioning winery and fine-dining restaurant and home sites for future development.
By
May 20, 2014

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.

About the Author

J. Scott Trubey is the senior editor over business, climate and environment coverage at The Atlanta Journal-Constitution. He previously served as a business reporter for the AJC covering banking, real estate and economic development. He joined the AJC in 2010.

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