The family of Great Southern founder John Young are set to snaffle up a boutique Margaret River winery, subject to Liquor Licensing approval.
Mr Young's sons Aaron and John have agreed on terms to buy the 25ha Fermoy Estate winery from its owner of 12 years, Dutch businessman Hans Hulsbergen. The Youngs' consortium includes former Great Southern chief executive Cameron Rhodes.
"It is a high-class winery but it has been a little neglected in recent times and fallen under the radar a little bit. . . but it was one of the five wines served at (Danish) Princess Mary's wedding back in 2004," Mr Rhodes said.
The consortium is hoping to get Liquor Licensing approval, the main outstanding condition, as early as this month. The sale price is unknown. It is believed Mr Hulsbergen's original asking price was $13 million and he had rejected an earlier offer from John Young (senior) of about $9 million.
A Chinese group expressed strong interest in the property this year but the due diligence process was already under way with the new owners and the offer could not be pursued.
Acton South West director Brian Moulton said that the property had been on the market for about 18 months. It is in the dress circle of Margaret River's Wilyabrup sub-region on Metricup Road, with neighbours including Moss Wood, Sandalford and Evans & Tate.
Mr Hulsbergen said from Norway yesterday he had decided to sell because of the difficulties managing a small winery while based in Europe.
Aaron Young would not discuss plans for the property yesterday.
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