Bankrupt Snoqualmie Winery Being Bought

Bankrupt Snoqualmie

winery being bought

SNOQUALMIE

In a two-part transaction expected to close Friday, the owner of Woodinville's sister wineries, Chateau Ste. Michelle and Columbia Crest, is expected to complete its purchase for $2.8 million of bankrupt Snoqualmie Falls Winery and its parent company, Snoqualmie Falls Holding Co.

The cash, however, will cover only 56 percent of the $5 million debt incurred by Snoqualmie Falls Holding when it bought its other winery, F.W. Langguth Winery, five years ago, said Snoqualmie Falls Holding President Jack Petersen.

The only remaining asset of the holding company is its interest of more than 50 percent in a 99-year lease on 60 acres of mountaintop land near Snoqualmie, as well as some computers and office equipment. Petersen said the value of that lease was difficult to determine given recent rapid changes in Eastside real estate values.