An article in the WSJ highlighted the astounding prices paid for land in the Burgundy region:
The recent purchase of Clos de Tart, a winery in Morey-Saint-Denis with grand cru vineyards, gained a great deal of attention. François Pinault, who paid a reported $230 million-plus for a mere 18.5 acres, is no stranger to high-profile wine investments: He also owns Château Latour in Bordeaux.
I particularly enjoyed one explanation provided: The article quotes Ian Dorin, director of fine wine for Heritage auctions in New York, “People will overpay for these wines to cut down the looking time.” Amazing how laziness in the wine aisle can drive the price of land to fantastic highs.
A great article worth the read in its entirety. See the link below.