William Hill Wine Co

Hiram Walker-Allied Vintners, a subsidiary of a giant British drinks company, has signed an option to buy the William Hill Wine Co. in the Napa Valley, it was announced Friday. William Hill, who founded his winery in 1976, said the U.S. subsidiary of Allied Lyons PLC signed a three-year option to buy the company, including 500 acres of prime vineyard land, 350 acres of Carneros Chardonnay grapes and 150 acres of Mount Veder Cabernet Sauvignon.

Hiram Walker-Allied Vintners, a subsidiary of a giant British drinks company, has signed an option to buy the William Hill Wine Co. in the Napa Valley, it was announced Friday. William Hill, who founded his winery in 1976, said the U.S. subsidiary of Allied Lyons PLC signed a three-year option to buy the company, including 500 acres of prime vineyard land, 350 acres of Carneros Chardonnay grapes and 150 acres of Mount Veder Cabernet Sauvignon.

What is California farmland worth? Field crop acreage in the Imperial Valley might bring as little as $700 an acre for poor-quality soil, but land good for produce is averaging $2,600 an acre on the heels of last winter's high-priced lettuce market. Rangeland in the southern San Joaquin Valley can be bought for $100 to $300 an acre, but orange groves sell from $6,000 to $9,000 an acre, depending on such factors as production history, potential and frost-protection requirements.