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News
Confiscated Bordeaux makes €10m
A collection of Bordeaux seized as collateral after a soured business deal between a négociant and a Chinese client has been sold for almost €10 million.
The sale, featuring 264,000 of top end claret, was held in Bordeaux on Thursday last week.
Valued at €11m, the wines were eventually auctioned off for “almost €10m” according to Stéphane Fouquet, an expert attached to the sale.
He told the drinks business that the auction, “went very well and all the wines were sold at market price.”
He also confirmed that the wines were indeed linked to the Ipso Facto-Piilii Jepen dispute.
In 2011 a wealthy Chinese individual called Yu Kelong welshed on a multi-million euro deal with Bordeaux négociant Ipso Facto.
Ipso Facto’s owner, Philippe Papillon, seized a large collection of Bordeaux Kelong had stored just outside the city in a bonded warehouse as a collateral.
Proceeds from the wines sold last week will go towards paying off the debts incurred by Ipso Facto as a result of the cancelled orders.