EOS Estate Winery
One of the largest wineries in Paso Robles, EOS Estate Winery, has been placed in receivership because of financial problems.
The winery, which was founded by the Arciero family in 1985, was sold in 2007, for $20 million to Sapphire Wines – a Tennessee-based firm owned and controlled by Jeffrey Hopmayer.
In 2009, Hopmayer also bought two other California labels, Carneros Creek of Napa and Wildhurst of Lake County. In October, 2009 he sold the three wineries to a company owned by Entertainment Property Trust – a publicly traded (EPR) company that also owns megaplex theaters, entertainment retail centers, public charter schools, ski parks and other well known wineries.
According to an article in the San Luis Obispo Tribune, from the time Hopmayer bought EOS, the company steadily racked up debt. It owes an estimated $16.5 million to lenders, including a $7.5 million loan from Farm Credit West and $8 million owed to Entertainment Properties Trust. The winery also owes $2 million to $3 million to growers and $1.2 million in rent not paid since August 2009, according to court filings.
Farm Credit West’s lawsuit also said periodic site inspections have shown as much as $1 million missing from the winery’s books, either because the winery had not been paid or the money had been transferred improperly to Sapphire Advisors, which handles the bookkeeping for EOS.
If the receiver had not been put in place, EOS Estates Winery’s current inventory of about 80,000 cases of wine could possibly have been exhausted in four months, several million dollars more could have been “diverted,” and the winery would have been forced out of business. The next hearing date is set for May 27.
Eos Estate 2006 Zinfandel Port
We like this Paso Robles wine – a lot. If you are too full after a meal but still crave a little dessert, there is nothing like a small glass of port with a piece of chocolate. Mmmm. Good Zinfandel ports that are affordable aren’t easy to find.
From November 28 Twisting Vines:
EOS 2006 Zinfandel Port
Intense aromas of prunes, molasses, roasted walnuts and maple syrup fill the nose. Nutty charactersglide across the palate with essence of plums and espresso. Spiciness of dry earth, cedar, and cinnamon linger on the palate for an extended finish. serve with chocolates cake or sip it by itself by the fireplace. Will age nicely for 15 years. Excellent wine for this price point. Widely available for under $24
Tags: paso robles, wine, zinfandel
