Year that Joseph Phelps, a Colorado building contractor, bought a 600-acre cattle ranch in the Napa Valley, planted vineyards, and began making what would become some of Napa’s most coveted wines, including the winery’s flagship blend Insignia. This week, forty-nine years later, the Phelps family ended their wine journey. Möet Hennessy Louis Vuitton has bought the winery and vineyards for an undisclosed sum, but comparisons to Shafer Vineyards’ recent sale price of $250 million are inevitable.

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