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FINANCE property contains a 12th-century building with just 5 acres of vineyards in one of Burgundy's top appellations. In Champagne, the few properties offered for sale are generally acquired by large syndicates from the region, according to Dakin. Likewise, in Alsace, local buyers act before the public knows property is for sale. French investors are often interested in land near the Mediterranean coast for vacation properties, typically in the $13 million-$26 million range, notes Dakin. Many buy land to take advantage of tax laws that favor agriculture. Prices have been volatile in France, with huge differences between results in top appellations and those in ordinary properties. Prices actually dropped in generic, littleknown regions after spiking in 2000, while during the same period they exploded 10 times in the communes of Volnay and Meursault in Burgundy. Variability within Bordeaux Another local source is Gaëlle Perreaux, property services manager for FrenchEntrée. "Things are quite complicated when it comes to the pricing of the different vine- yard areas in France. Within one wineproducing region, there are several appellations where the price of the land varies a lot even in the same area. There are also vines without appellation, which lower the average a lot." Here are some examples that illustrate the regional price variations, as well as some within the same area. This data is based on average prices for vineyards for sale in 2012. Perreaux quotes prices for the Aquitaine region of France, which includes Bordeaux at $44,000 per acre for AOP (appellation d'origine protégée, formerly AOC) vineyard land. Within Aquitaine, the Gironde area averages $49,000 per acre for AOP vineyard land, while Dordogne averages $6,000 for AOP vineyard land. "There's a huge variation depending on the prestige of the wine the land can produce as well as the rarity of the land on the market," she added. For instance, in Gironde the price of vineyards for Bordeaux-appellation red wine is $8,000 per acre, but Pomerol appellation averages $484,000 for AOP Pomerol vineyard land. "That's not even the most expensive," she added. INSURANCE FOR WINERIES Great Price, Broad Coverage and Responsive Friendly Service. Wine Team Debra Costa, Brian Stephenson and Liz Bishop. Because You're Different! French Vineyard Values Appellation Average Euros/Hectare Average Dollars/Acre St. Emilion Pomerol Médoc AOP Pauillac St. Julien & Margaux Pessac-Leognan £€15,000 €200,000 €900,000 €40,000 €1,650,000 €1,000,000 €400,000 $107,600 $484,200 $21,520 $887,700 $538,000 $215,200 Rhone and South Côtes du Rhône Gigondas €16,500 €130,000 $8,877 $69,940 Châteauneuf-du-Pape Languedoc Roussillon €340,000 €11,500 $182,920 $6,187 €1,089,000 $585,882 €219,300 €270,000 €570,000 €480,000 €1,220,000 €500,000 €3,800,000 €22,500,000 $117,983 $145,260 $306,660 $258,240 $656,360 $269,000 $2,044,400 $12,105,000 Bordeaux Bordeaux AOP Champagne Burgundy Burgundy AOP Cote de Beaune red Cote de Beaune white Cote de Nuits red Premier Crus white Premier Crus red Grand Crus Batard Montrachet $8,070 101 Second Street #120 Petaluma, CA 94952 707.781.3400 www.heffins.com License #0564249 Sources: Sociétés d'Aménagement Foncier et d'Etablissement Rural, Vinea Transaction, French Entrée, International Wine Associates, Vignobles Investissements Dakin Win es & Vin es sept em b er 20 13 41