Lafon Rochet sale?

Ok, I am not sure I even care that much but I know some of you in the biz know…what is up with this Chateau sale? Just saw the tweet from Jane Anson.

It’s a big deal. As there are only 61 1855 Classified Growths, sales do not happen that often.

Jacky Lorenzetti is the new owner who already owns Lilian Ladouys, Pedesclaux and 50% of d’Issan.

He is some kind of French billionaire real estate guy I guess. Did not know he owns a couple of other Bordeaux Chateau. Heard Pedesclaux has gotten a major upgrade the last few years in terms of investment, must be his $$$. Suppose it is a good time to sell in the real estate market all over!

All the estates he has been involved with have improved their wines thanks to his investments. You can read details on all the estates on my site if you wish.

Pedesclaux, once all the replanting had finished will be a very good Pauillac.

After all the blood, sweat, and tears the Tesseron’s poured into Lafon Rochet, I can’t believe they have sold it. They even matched the label color to Mrs. T’s canary yellow paint scheme of the chateau!

Yes, as reported initially by liv-ex, Lafon Rochet is changing hands:

https://www.liv-ex.com/2021/09/new-owners-lafon-rochet/

I think this is sad news. Lafon-Rochet is one of a dwindling number of châteaux which is actually lived in and it feels like a family home as much as a business. But I suppose it does not come as a total surprise.

Back in the 80s, when both Pontet-Canet and Lafon-Rochet were run by Guy Tesseron, who had bought them both in the 70s (Lafon first, then PC), they had almost identical labels, but Lafon was the senior partner in terms of quality and price. Guy’s two sons, Alfred and Michel, subsequently took over Pontet-Canet and Lafon-Rochet respectively, and I think it was during the late 80s/early 90s that Alfred starting pushing PC ahead of LR, a pecking order which has only been confirmed since - whether one likes PC or not, in terms of price I think it has been double that of LR since at least 2005.

Guy Tesseron knocked down the former château at LR and built the current concrete one, but it was Michel, who after toying with red and green, chose the “interesting” yellow colour which adorns the buildings and label today.

Michel’s son Basile has been in charge since 2007, doing a very good job of improving the vineyard, facilities and quality. This is not some derelict property, but one with second-to-none equipment and a well-managed vineyard. All the current techniques have and are being tried, from organic farming to amphoras. The quality of the wine is higher than ever before.

The only problem is the price. Despite all the investments and the increase in quality, the price is practically the same as it was in 2005. Liv-ex rightly reports that the 2018 has dropped in price since release at 45€ - but by actually more than the 11.5% they suggest. If you look around now, you can find it, as I did, for 20% less than EP. This is odd as the 2018 is probably the best young LR I have tasted and it was well-received by critics. As Liv-ex says, the same is true for older vintages, for which there simply isn’t the same demand as there is for those of other top St.Estephes. For consumers like me, this is of course great news - LR has been a top-value wine for as long as I can remember.

But I can understand that the Tesseron family would wish to throw in the towel, and I can understand their choice of purchaser. Pedesclaux and Issan are run by the joint-owner of the latter, Emmanuel Cruse, who is related to the Tesseron family (I’m not sure of the details, but Guy Tesseron was married to Nicole Cruse, so Michel and Basile must be cousins once or twice removed or something).

I imagine the aim is to emulate Calon-Ségur, which has doubled in price since it was sold in 2012.

Jacky Lorenzetti’s previous purchases have not, so far at least, had the same success as Calon. Pédésclaux was bought in 2009 and has received all the investment and attention that it lacked before, but although the quality has increased, the price has only gone up by about 30% and it is still in the same price category as something like Croizet-Bages, which has not benefited from the same investments. Pédésclaux is a good wine and I’m happy with the price, but it is hardly a success story in terms of investment. Lilian-Ladouys has been even less successful - since it was bought in 2008, the price has remained virtually the same, along with the quality. Issan’s price has certainly increased since Lorenzetti bought half, but whether that is due to Emmanuel Cruse or the new money is I suspect debateable.

So it will be interesting to see what happens. For consumers, the sale of Lafon-Rochet is probably bad news. The quality is already very high so it is hard to see how it can be improved much and we will probably just pay more for the same wine.

For whatever reason, Lafon-Rochet’s problem has been its image, which has never really changed. I expect that some sort of rebranding will take place and I wouldn’t be surprised if the colour scheme changes too!

Great ‘color’ on L-R, Julian as all of that is new information to me. I still have a good chunk of older bottles but don’t really buy it anymore, despite, as you observe, its still reasonable price. I don’t know why, but it just seems to me that their wines do not improve in bottle as much as they could/should. But Pontet Canet does seem to develop well, especially 90’s era bottlings. Maybe its the soil / climat or something.

I cannot remember when/where, but we met Melanie (?) Tesseron at some event many years ago. The family trade has been kept up well among their bloodlines, an amazing thing in a world where kids are more likely to prefer air conditioned office jobs, rather than muddy work among vineyards.

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It seems like the decline of uber powerful critics has made it harder for estates to elevate their station in life. In the past it was a straight forward (if not easy) path: improve the wine, boost the score, reset the price. But now, in a world of fragmented critics, who may have less market moving power, pulling off the 3rd step is not easy. The developed markets customer has seen decades of pricing at one level, and has gotten anchored on those. The newly wealthy Asian (or other) consumer may be more willing to pay the new ‘reset’ price, but how many of those growth stories are still available/booming?

Cheers Arv - after all that I felt like drinking one, so I opened a 2003 last night:

Lafon-Rochet - Saint Estèphe - 2003

The nose was much better than my last bottle opened in 2019 - very enticing aromas of sweet blackcurrant, dark cherry and plum. In the mouth, it was striking by its freshness - none of the burnt, raisin-like flavours so many 03s suffer from (but this wine never has): cool blackcurrant at first, then some creamy cherry and Xmas cake flavours, rising into a dense middle section where for now, the dark raspberry just pops its head out, promising more in the future, and a long, vigorous finish. Still quite primary, this needs another five years, but it’s very impressive.

Not my favourite LR, nor my favourite 03, but a very good wine.

The 2003 is a good example of LR’s strongpoints and weaknesses. It’s an excellent wine for the money, even now. I got this at release for 17€, which even at the time, was cheap. Calon-Ségur 2003, which in my experience is far inferior, cost around 40€ at release. Today, Calon 03 sells for around 100€. Lafon 2003 sells for around 40€, although it’s the better wine.

I think you’re right about the lack of oomph provided by a dominant critic - I’m not sure, but I believe that RMP used to routinely rate LR as a 90 point wine. At the time, NM was always more enthusiastic but without the same influence. Today, NM is still keen on LR’s wines, as is AG, but again, without changing the way the wines are perceived by the market. For example, the 2016 is rated 93 and 95 by them respectively - but can be found over here for 36€, 25% down on EP. Other wines rated similarly by the same critics see their wines rise in value. Not Lafon-Rochet.

In all seriousness, I think the label itself is a major handicap. Love it or hate it, the garish yellow lacks the gravitas that a wine “of stature” is expected to have, so any newly wealthy consumers are more likely to pay double for the bottle with a “classy” label featuring a discreet but pretty heart.

I don’t really object to the label, especially since its color coordinated to the chateau!

The 2000 graced my glasses a week or so ago.

http://www.bordeauxwineenthusiasts.com/viewtopic.php?p=97265#p97265

FWIW, the wines from Lafon Rochet are dramatically better than what was produced in 00 or 05.

18, 19 and 20 are without a doubt the 3 best vintages on the history of the estate. Learn about Chateau Lafon Rochet St. Estephe Bordeaux,Complete Guide

Thanks Jeff, I hope to try those at some point, but have not purchased any recent years.

If I had to think of the most offensive ‘orange’ labels at least in hue, I’d go with Behren & Hitchcocks ones’s from maybe 20 years ago. When combined with their crazy corks, it was a double whammy of unsightliness*. Also the coop Val d’Orbieu’s ‘Cuvee Mythique’ is quite the little pumpkin too!

• the wines were very good on release though

I hesitated between the 00 and the 03, but since I only have one 00 left…glad to hear it’s still drinking well, thanks!

I agree - I couldn’t care less about the label, but then I’m not newly wealthy - or oldly either - just old!

I heard more about the sale during one of our visits:

Basile’s aunt and co-owner wanted to sell, leaving him no choice but to comply. After all the hard work, time and effort invested, plus the fact that it was his family’s home, he wasn’t happy about it.

When the news broke none of their friends among the dwindling number of actual family-owned chateaux could believe it, since Basile was very much part of the new generation of non-corporate owners.

But the pill was made easier to swallow by Lorenzetti’s offer, which the Tesserons “couldn’t refuse”.

I was greatly saddened by the sale of Lafon-Rochet, because Basile had worked so hard on the estate. Dropped in at the deep end by his father when the technical director quit days before the harvest, he soon proved himself. And recent vintages have been better than ever.

A little tip; having finished at Lafor-Rochet, 2021 his final vintage, Basile now works with his wife on her estate, Château Larrivaux, in the Haut-Médoc appellation. It could well be one to watch in future vintages.

I visited the Chateau in April as well as Pedesclaux. Their best is yet to come.

I was greatly saddened by the sale of Lafon-Rochet, because Basile had worked so hard on the estate. Dropped in at the deep end by his father when the technical director quit days before the harvest, he soon proved himself. And recent vintages have been better than ever.

A little tip; having finished at Lafon-Rochet, 2021 his final vintage, Basile now works with his wife on her estate, Château Larrivaux, in the Haut-Médoc appellation. It could well be one to watch in future vintages.

I had the 2005 recently, so pre Basile. As with most of the wines, it is a well made but not a particularly showy wine. It paired well with lamb chops, and settled down as a pleasant glass of wine enjoyed post dinner. There is no wow factor here, just a nicely integrated, good food wine, and a relative bargain by Bordeaux standards.

We found one in an upscale grocery store last year for $50 and drank it a few weeks after buying it. Agree with you that it was a very nice wine. It went well with beef and potatoes.

Don’t have much drinking experience with this property, don’t recall drinking any beyond vintage 1998 and have had smatterings from 70s and 80s, but the duo of 1995 and 1996 stood out as the most memorable for me. Not blockbusters, but solid Bordeaux that pleased at friendly prices.

1983 was quite good, too.