New York real estate developer buys WA's Laurance Wines

Laurance Wines in Western Australia has been sold to a US investor for $30 million.

New York based real estate developer and wine enthusiast Howard Milstein has purchased the property which will be partly leased to the Oatley family and Larry Cherubino Wines.

Brian Moultan, ACTON South West director said he believed the deal to be the highest value vineyard sale of all time.

“We sold Clairault six years ago for $16 million, but there’s been nothing beyond that that I’m aware of,” he told Business News.

“It’s good that valuers in the future now will have to consider this price per hectare of land and price per hectare of vines, but it’s still a pretty tough market – there is still a degree of nervousness out there,” Mr Moulton said.

Mr Moulton is also actively marketing Edwards Wines, a family-owned estate near Cowaramup that he said was also attracting significant interest, particularly from foreign investors.