Billionaire Pays $500K for 27 Bottles of Wine

Global economic downturn? What global economic downturn?
By Kevin Spak,  Newser Staff
Posted Apr 19, 2008 2:14 PM CDT
Billionaire Pays $500K for 27 Bottles of Wine
The $500,000 purchase was the most ever paid for a wine lot. The buyer had never before paid more than $59,880.   (Shutterstock)

(Newser) – As the global economy falters, many people are fighting to make ends meet. And then there’s the Chinese billionaire who spent $500,000 for 27 bottles of wine today. The sale set a record for a single lot. “I don’t think he has bought this as an investment,” said an executive from the selling company. “He has bought it to drink.”

Before this, the anonymous connoisseur had never spent more than $59,880. The lot comprised bottles of Romanee Conti, a Burgundy among the world’s most exclusive wine, with just 450 cases produced each year. The vintages ranged between 1961 and 2003. “The fine-wine industry is completely immune from the global credit crunch," said a company official. (Read more wine stories.)

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