Saturday, November 18, 2017
News Roundup

Fine whine? Billionaire cries foul in vintage sale

RECOMMENDED READING


NEW YORK — Super sleuths in the wine business must study the cork, glass, sediment, wrapping, labels and how full a bottle of wine is to ascertain whether it's the real deal. And as two uber-wealthy wine collectors can attest as they square off in federal court over some questionable bottles, even that sometimes is not enough.

Testimony began Wednesday in a civil trial six years after Florida energy maven William Koch, a yachtsman and collector, sued onetime-billionaire California businessman Eric Greenberg in U.S. District Court in Manhattan over $320,000 he spent in 2005 on two dozen bottles of wine that turned out to be duds.

The trial threatens to pop the cork on the dirty secrets of the wine auction world, which like the art market has been stung in recent years by a proliferation of fakes.

At the opening, there was talk of how difficult it is to be sure a bottle is real and how good a fake can be. It's heartbreaking for a true collector to learn that wine is inauthentic because it's more than just a bottle and a flavor, Koch's attorney John Hueston said.

"Koch will say these are links to history," he said, adding that great wines transport people to another era. "It's not just the juice in the package."

Greenberg, a former billionaire who built two Internet consulting companies before the 2000 collapse of those stocks reportedly reduced his net worth by as much as 90 percent, asserted his innocence as he took the stand as one of the trial's first witnesses.

"I wouldn't sell a fake wine," he said. "I've never intentionally sold fake wine in my life."

Koch, the brother of famous industrialists and conservative political supporters David and Charles Koch, is seeking compensation for the $320,000, along with unspecified damages.

Greenberg years ago capitalized on the growing interest in the sale of alcohol for investment purposes, becoming one of the world's top owners of vintage wine with a collection of more than 70,000 bottles.

According to court documents, Greenberg earned about $9 million when he sold 17,000 bottles of wine at the sale where Koch made his purchases, reducing his collection by about a quarter.

Koch was duped by an auction brochure that promised buyers the "greatest wines of all time" and "extremely rare" bottles dating to the early 1800s, Hueston said. Koch paid as much as $30,000 for some bottles.

An investigation revealed Greenberg had been warned by experts that bottles in his collection were not authentic and decided to push them on unwitting buyers at his auction rather than toss them, Hueston said.

Arthur Shartsis, one of Greenberg's lawyers, said a catalog warned buyers the wine was being sold "as is" without any promises as to its authenticity.

Comments

Possible wrong-way crash on Courtney Campbell Causeway late Friday

TAMPA — A multi-vehicle crash on the Courtney Campbell Causeway late Friday may have been caused by a driver traveling in the wrong direction, Tampa police said.The crash occurred in the eastbound lanes closer to the Tampa side of the causeway, near ...
Updated: 7 hours ago

Region football: Clearwater Central Catholic 37, Calvary Christian 10

CLEARWATER — The ice bath ensued for Clearwater Central Catholic coach Chris Harvey after the Marauders’ 37-10 victory over Calvary Christian in Friday’s Class 3A region final. The win placed the Marauders (11-0) in their fifth state tournament since...
Updated: 7 hours ago
Tampa police investigate drive-by shooting in Seminole Heights

Tampa police investigate drive-by shooting in Seminole Heights

TAMPA — Police took one person into custody late Friday after a drive-by shooting ended in Seminole Heights.The incident, which unfolded about 11 p.m., did not appear to be related to the spate of other recent shootings in Seminole Heights that have ...
Updated: 7 hours ago
Region football: Plant 22, Viera 18

Region football: Plant 22, Viera 18

MELBOURNE — With 1 yard separating Plant from an incredible come-from-behind victory, or a devastating defeat, it all came down to a matter of trust.And for Panthers coach Robert Weiner, there was no one he would put more faith in to get that 1 yard ...
Updated: 8 hours ago
Region football: Armwood 22, Hillsborough 0

Region football: Armwood 22, Hillsborough 0

SEFFNER — Hillsborough conquered one nemesis with last week’s win over Class 6A defending state finalist Lake Gibson, the team that knocked the Terriers out of the playoffs in the first round a year ago.But there was an even bigger stumbling block to...
Updated: 8 hours ago

Region football: Ocala Vanguard 35, Mitchell 31

NEW PORT RICHEY — The start wasn’t quite befitting of a playoff game between undefeated teams, but the end of Friday’s war between Ocala Vanguard and Mitchell certainly was.Like last year’s Class 6A regional semifinal, the Mustangs held a three-point...
Updated: 8 hours ago
Region football: Green Cove Springs Clay 52, Zephyrhills 49

Region football: Green Cove Springs Clay 52, Zephyrhills 49

ZEPHYRHILLS — For Zephyrhills, Friday night’s Class 5A region semifinal against Green Cove Springs Clay was doomed by 12 bad minutes. The Bulldogs led by four points at halftime but allowed 28 unanswered points in the third quarter and were not able ...
Updated: 8 hours ago
Region football: Lakewood 20, Jesuit 7

Region football: Lakewood 20, Jesuit 7

ST. PETERSBURG — Lakewood came into Friday’s playoff game knowing its defense had to help control field position against Jesuit. The Spartans (9-1) left Friday’s game with a ticket to Immokalee for a region final — and six Tigers (6-5) turnovers en r...
Updated: 8 hours ago

Region football: Tampa Bay Tech 42, Palmetto 26

TAMPA — Another Friday night, another offensive explosion.Tampa Bay Tech’s offense continued its torrid pace and quarterback Michael Penix Jr. accounted for five total touchdowns as the Titans rolled past Palmetto 42-26 in a Class 7A, Region 3 semifi...
Updated: 8 hours ago

Region football: Cambridge Christian 50, Indian Rocks Christian 14

TAMPA — The Cambridge Christian offense was clicking, and quarterback Jaylin Jackson couldn’t seem to be stopped. Still, as the second quarter clock dwindled, Indian Rocks Christian was hanging around.So with just more than a minute left in the half,...
Updated: 8 hours ago