SCREAMING EAGLE SOARS TO NEW SKIES

Wine Spectator reported yesterday that Screaming Eagle, one of the most popular Napa Valley cult Cabernets, was sold by founder Jean Phillips to Santa Barbara-based money manager Charles Banks and his business partner, entrepreneur and real-estate developer Stanley Kroenke. Banks is the president of CSI Capital Management while Kroenke is the owner of the Denver Nuggets and the Colorado Avalanche hockey franchise. Kroenke’s wife is one of the heirs to the Wal-Mart fortune but reportedly has no ties to the investment. Insiders estimate the deal could be worth $20 million to $30 million although much of the 60-acre property needs to be replanted. Wine-drinkers wait months and years to get on the winery’s mailing list where a 750-ml bottle now costs at least $300 and can sell for much more after it is released.