The purchase by a Tuscan wine family of a 12.7ha vineyard in Marlborough will help put the northern South Island wine-producing district on the world map.
The Antinori family with a seven-century history in the wine business paid $2.8 million through its company Campo Di Sasso for the vineyard said by
locals to be a good vine-growing site.
The price, they say, is "pretty standard".
The chief executive of Marlborough Winegrowers, Michelle Beckett, said vineyard prices could vary depending on many circumstances but the price was reasonable. One seller said the market was static at present.
Campo Di Sasso will launch a new sauvignon blanc label from grapes grown on the property.
The new wine will be sold in the United States, Asia and Europe.
Brent Marris of the neighbouring Wither Hills winery said the property was on an alluvial shingle fan and experienced hot days and cold nights. "What I think is particularly good is that you've got the Old World of wine making, as opposed to the New World, considering the Marlborough region as a serious player for sauvignon blanc.
"It's good to have French and Italian companies considering Marlborough very seriously. It's a very positive move for the region."
William Grigg, spokesman for the family which sold the land to the Italian company, said good flavours came out of the property. The family would continue to develop vineyards nearby and planned to supply Campo Di Sasso with grapes.
