Carano Family, Majority Caesars Stockholders, Set to Offload California Vineyard for Nearly $8 Million
The Carano clan, major private shareholders of Caesars Entertainment's (NASDAQ: CZR) stocks, plan to sell their California vineyard for a whopping $7.975 million.
Don Carano and his wife Rhonda, the previous owners, bought the picturesque land in 1981 and set up their first winery there. With time, this venture bloomed into the Ferrari-Carano Vineyard & Winery, a renowned California winemaker offering a diverse range of varietals. Beautifully nestled in Sonoma County, the estate boasts captivating views of the iconic Alexander Valley.
Approximately 24 acres of the estate are dedicated to Chardonnay grapes, managed by a local vineyard company, with the yield contracted to a nearby winery. A unfortunate wildfire in 2020 destroyed the 8-acre Cabernet vineyard perched high on a hillside. Adjoining the main property is a 15-acre plot housing a quaint two-bedroom cottage, perfect for a guest house, according to Mansion Global.
Besides grapes utilized in winemaking, the property boasts other fruit tree species and a sizeable olive grove.
Gaming Empire Built by Carano
Despite his demise in 2017, Don Carano forged an impressive path in the casino gaming industry. When he and his family members inaugurated the Eldorado Resort Casino in Reno in 1973, little did they know they were laying the foundation for a gaming empire. With strategic acquisitions, savvy executive hires, like current CEO Tom Reeg, the Caranos transformed Eldorado Resorts from a regional casino operator into the largest gaming conglomerate in the U.S. by property count – a metamorphosis that culminated in Eldorado’s $17.3 billion takeover of "old Caesars" in 2020.
Today, the Caranos retain considerable influence at "new Caesars." Besides being the largest private shareholders, Glenn Carano serves as the senior vice president of operations for the East region for Eldorado, and Gary Carano holds the position of Caesars' executive chairman.
In 2022, Caesars revealed the creation of the Don Carano Legacy Scholarship – a program that grants up to $5,000 to employees for educational advancement. With a worth of approximately $1 billion, the Caranos' stake in Caesars remains substantial.
Vineyard Could Spark Competition Among Buyers
After selling most of their wine industry assets to Folino Estate in 2019, Rhonda Carano spent less time at the Sonoma County estate following Don's passing.
Given its proximity to Healdsburg, a town brimming with prestigious eateries and close to other winemaking regions, the property may pique the interest of potential buyers. Additionally, the estate's prime location is near several high-end resorts under development in Healdsburg.
Moreover, the property's favorable zoning could make it an attractive proposition for buyers, allowing for the development of residential properties and the revival of the lost Cabernet vineyard, as per Mansion Global.
Read also:
- Leverkusen claims victory in the cup, securing a double triumph.
- Alonso achieves a double victory after consuming a German brew.
- Does the SVolt factory in Saarland face stability issues?
- Furor surrounding Sylt scandal footage