Shafer Vineyards, a historic winery in Napa Valley, officially has a new owner after a South Korean company purchased the establishment for a quarter of a billion dollars.

According to North Bay Business Journals, news reports in South Korea have confirmed that the property development business attached to retail conglomerate Shinsegae bought the vineyard for a cool $250.3 million USD.

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Shinsegae is a luxury brand based out of Seoul, Korea that has a large portfolio, including department stores, hotels, golf resorts, and of course, winemaking.

An official for the company told the Korea Herald that the acquisition is part of the company’s desire to “expand the groups’ wine business by “creating synergy with its Shinsegae L&B that is in charge of the wholesale distribution of wine and liquor.”

The outlet notes that Shinsegae L&B was particularly profitable last year, bringing in 200 billion won (or $166.8 billion USD) in sales revenue, described as a “record-high figure.”

Shinsegae was reportedly interested in Shafer Vineyards due to the property value of the area. The same official pointed out to the Korea Herald that property in the Napa Valley has grown 9% in real estate price since 2014, and this will likely continue.

According to its website, Shafer Vineyards has been producing wines in Napa Valley's Stags Leap District for over 40 years. John and Bett Shafer purchased the 209-actre property in 1972 before planting their first vineyard, for Cabernet Sauvignon. John Shafer made his first bottle of Cabernet from home-grown vines in 1977.

Even before it was owned by the Shafer family, the property had a long history in winemaking. In the 1880s, Jacob Ohl and C.H. Linderman – regarded as “Napa Valley pioneers” on Shafer’s website – planted vineyards on the estate.

Later, in the 1920s, Italian immigrant Batista Scansi replanted during the prohibition era. He sold fruit to local winemakers. When the Shafer family bought the property decades later, Scansi’s vineyards still covered 30 acres.

Many of Schafer’s core team will remain onboard despite the sale, with the Napa Valley Register noting that President Doug Shafer, winemaker Elias Fernandez, and “company’s winemaking and vineyard teams” will continue to be employed.

Doug Shafer said in a statement confirming the sale that it’s hoped the sale will allow the company to focus on expanding in different ways, since they’ll have more time and energy.

“I’m very excited about this new chapter for our vineyards and winery,” he concluded the message.

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Sources: Korea Herald, North Bay Business Journal, Schafer Vineyards,