Carano Family Selling California Vineyard for Almost $8M

Posted on: June 16, 2024, 05:13h. 

Last updated on: June 16, 2024, 05:13h.

The Carano family — the largest non-institutional owners of Caesars Entertainment (NASDAQ: CZR) stock — are attempting to sell their California vineyard for $7.975 million.

The late Don Carano and his wife Rhonda bought the property in 1981, later launching their first winery there. That enterprise later grew into the Ferrari-Carano Vineyard & Winery, which eventually became a highly popular brand of California wines spanning an assortment of varietals. The estate is located in Sonoma County with views of the famed Alexander Valley.

More than half of the first site is taken up by 24 acres of Chardonnay that are handled by a local vineyard management company, with the grapes under contract to a local winery. The property also held an 8-acre Cabernet vineyard, located on a hillside, that was destroyed in a 2020 wildfire. An adjacent 15-acre site holds another two-bedroom cottage that can serve a guest house,” according to Mansion Global.

In addition to grapes used in the production of wine, the property features other fruit-bearing trees and an expansive olive grove.

Carano Started Gaming Empire

Carano passed away in 2017, but not before establishing a storied career in casino gaming. In 1973, he and other family members opened the Eldorado Resort Casino in Reno, eventually steering that company to become a casino behemoth in the Reno-Lake Tahoe market.

Today, the Caranos maintain a significant imprint at “new Caears.” Not only are they the largest private owners of the operator’s shares, but Glenn Carano is the senior vice president of operations for the East region for Eldorado. Gary Carano is Caesars’ executive chairman.

In 2022, Caesars announced the formation of the Don Carano Legacy Scholarship  — a program that provides up to $5,000 to employees of the gaming company to advance their educations. The family’s stake in Caesars is worth approximately $1 billion.

Carano Vineyard Could Attract Plenty of Suitors

In 2019, the Carano family pared its wine industry, selling most of their related assets to Folino Estate. Following the passing of her husband Don, his widow Rhonda spent less time at the Sonoma County estate.

It’s possible that the property will be coveted by potential buyers because it’s near Healdsburg, which is home to a variety of fancy restaurants and is close to the rest of Wine Country. Additionally, several high-end resorts are under construction in the town.

Also of allure to prospective buyers is the point that property has favorable zoning, allowing for the construction of residential real estate and the rejuvenation of the Cabernet vineyard, according to Mansion Global.