Nearly six and half years since Copia filed for bankruptcy in December of 2008, the cultural food and wine center has a future new owner and may finally have some direction toward it’s rebirth.
Almost since the opening Celebration on November 18th, 2001, the center has been plagued with ongoing financial issues. Opening to the cheers of almost everyone who lives here and huge support from philanthropic groups, the center had the full backing of Robert Mondavi and contributions from many in the wine business totaling nearly $50 million.
Though the final actual sale is a bit off, the terms according to many news sources have been agreed to the Seller, ACA Financial Guaranty Corporation, and the buyer, Triad Development of Seattle. Triad refused to give any final terms of the sale only stating it will be a mixed use commercial community, compatible to the Oxbow area and the original intent for Copia with the redevelopment costs likely $100 million to $150 million and will take three to five years to complete.
In late 2008, according to bankruptcy documents, Copia’s estimated value for the property was $30 million. In March 2009, the property was appraised at $24.8 million.
For a more complete story of the sale and some of the past turmoil see the Napa Valley Register articles below.
Copia sold for mixed-use development by Jennifer Huffman
Copia files for bankruptcy by Sasha Paulsen