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Lurton sells Portuguese properties
François Lurton has sold his stake in two properties in the Douro Valley.
Lurton has been making wines in the region for eight years in his Quinta do Malho and Quinta Beira Douro and sold his stake to another partner Cap Wine International for an undisclosed sum.
Lurton told Wine Spectator that despite his love of winemaking in the country he was not making any money from the enterprise.
The crisis that hit Portugal in the wake of the financial and euro crash has not helped matters either he continued.
The winemaking teams at both estates will remain in place and Lurton has announced that he will help oversee the 2011 vintage through to completion before departing for good.
Recently he also sold 170 hectares of vineyard in Argentina’s Maipú Valley apparently to refocus his efforts on his 250ha holding at Bodega Piedra Negra in the Uco Valley.
Lurton said at the time of this sale: “I am not selling these things to abandon the business. I am repositioning. I am looking for new investments.