The Cirrus Vodka distillery located in Virginia will be auctioned in a foreclosure proceeding, and the sale is generating international interest. The property was renovated in 2010 as part of an effort for Cirrus to expand into new markets, but problems led to the distillery's foreclosure. Now, companies in Canada, Mexico and the United States have expressed interest in acquiring the property.
The auction will include a .15 acre lot as well as two buildings of 836 and 1,789 square feet respectively. The company's equipment, including the tanks, stills, kettles, boilers, pumps, refrigeration units and a chromatograph will also be auctioned. The assessed value for the land and buildings is $125,000.
The Cirrus Vodka property is one of only 360 liquor distilleries in the United States. Bloggers in the vodka industry have been buzzing about the sale, and firms from California, Mexico and Canada have inquired about the property. The real property and equipment can be sold as a turnkey distillery, although the auction company will also consider separate offers. The potato-based vodka was first marketed in 2006 in Virginia and by 2008 the company was a major purchaser of potatoes in the state. The company was selling in Virginia, Tennessee and Washington, D.C. at the time of the closure and had plans to market on a national level.
Business owners who are faced with a decision such as whether to buy a defunct company may benefit from weighing all options. A business attorney may be an integral part of a business's support team by providing legal advice, drafting contracts and overseeing certain aspects of a sale such as the closing.
Source: Richmond Times-Dispatch, "Cirrus distillery in Richmond to be sold at auction", Randy Hallman, June 12, 2013