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By: Erik Schatzker
Billionaire Tom Barrack made his fortune making contrarian bets in real estate. So when it came to getting his family into the wine business, he saw no point buying a trophy property—at trophy prices—in Bordeaux or Napa, Calif. Instead, he bought a 1,300-acre ranch an hour north of Santa Barbara, Calif., and planted his own vines.
“I’m not interested in having an ego contest by saying I bought the best vineyard,” he said.
Barrack acquired the land 30 years ago after helping its previous owner divide an even bigger estate into smaller parcels. About a decade later, he decided he wanted to grow grapes but didn’t.
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