Schottenstein family buys Napa’s Mayacamas Vineyards
Jay Schottenstein (3rd from left) sitting with his sons Jeffrey and Jonathan at the Siyum HaShas
The Wine Spectator reports that Jay Schottenstein and his son, Joey, are part of a new partnership that has purchased Napa Valley’s historic Mayacamas Vineyards.
Napa Valley’s historic Mayacamas Vineyards has been purchased by investor Charles Banks and his wife, Ali, in partnership with retail entrepreneur Jay Schottenstein and his son, Joey. The sale price was not disclosed.
Banks, the former president of CSI Capital Management in San Francisco, served as managing partner at Napa’s Jonata and Screaming Eagle wineries before leaving in 2009 to found Terroir Capital, a winery, restaurant and hotel investment group. The Schottenstein family purchased Carmel Winery in Israel earlier this year.
One of California’s oldest boutique Napa wineries, Mayacamas Vineyards made its reputation on distinctive, long-lived Cabernet Sauvignon and Chardonnay. Banks fell in love with Mayacamas about 15 years ago, he said, when he was given a magnum of 1970 Mayacamas Cabernet for his 30th birthday. He called it one of the greatest Napa Valley Cabernets he’d ever tasted. “I’ve been poking around Mayacamas for six years now, trying to work with [owner] Bob Travers,” Banks told Wine Spectator of his efforts to purchase the property.
Banks and real-estate mogul Stan Kroenke founded Jonata, a Santa Ynez Valley label, in 2004, and they purchased Screaming Eagle from founder Jean Phillips in 2006. In 2009, Banks left Screaming Eagle and Jonata to start Terroir Capital with a group of investors, purchasing South African brand Mulderbosch. The group currently owns eight other brands: Sandhi, Leviathan, Argatha and Wind Gap in California, Burgundy’s Maison Loree, and Fable and Marvelous Wines in South Africa; Terroir’s California-based Cultivate brand bottles wines from around the world, raising funds for non-profit organizations. Banks is also a partner in Tennessee’s Wine Spectator Grand Award-winning restaurant Blackberry Farm.
Jay Schottenstein is chairman of American Eagle Outfitters and DSW. Earlier this year, the Schottensteins were part of a consortium of international investors that purchased Carmel Winery in Israel, originally established in 1882 by Baron Edmond de Rothschild.
“I set out to find a partner who was not just interested in the wine lifestyle, but to make something special,” said Banks. “It’s not going to be one of these wineries with a $50 million tasting room. This is all about making great wines.”