Algodon Wines & Luxury Development Group Receives Deed Approvals for Algodon Wine Estates Lots
Algodon to Record First Lot Sale Revenues of Approximately $870,000
NEW YORK, NY--(NEW YORK, NY--(March 27, 2018) - Algodon Wines & Luxury Development Group, Inc. (OTCQB: VINO), a real estate development brand with luxury lifestyle assets and premium wines in Argentina, today announced that it has received deed approval from the Cadastral Agency of Mendoza for certain Phase 1 lots on the Algodon Wine Estates property. All figures below are estimated in U.S. dollars, which are subject to currency fluctuations.
Algodon Wine Estates, spanning four phases of development, includes approximately 350 planned lots ranging from .5 to 7 acres, with 97 lots from Phase 1 of the master plan currently available for private sale and development. Revenues for each lot sale can only be recognized once the lots are deedable and final deeds are delivered to the buyers. Certain of the Phase 1 lots on Algodon Wine Estates' property were deeded and sold to buyers, representing $870,000 in recognizable revenues in Q1 2018. As part of these deed approvals, Algodon successfully delivered on all infrastructure requirements for the property as specified by the Cadastral Agency of Mendoza.
In Q2 2018, Algodon expects to be approved for deeding another 19 Phase 1 lots, and in the next 12 months, expects to deed the remainder of the 97 Phase 1 lots.