The 154-year-old Renault Winery has been sold after three years of being owned by a bank.
OceanFirst Bank, based in Toms River, announced Friday the sale of the winery and golf course, which spans Egg Harbor City and Galloway Township, to the newly formed Renault Properties LLC had been finalized.
The bank did not disclose a sale price.
“We’re very excited the deal went through,” said Egg Harbor City Mayor Lisa Jiampetti. “I’ve heard they have big plans to renovate the golf course as well as the Tuscany House and hotel.”
“Investors are realizing that there are some great opportunities in our area,” said Galloway Mayor Tony Coppola.
Josh McCallen, president of Renault Properties LLC and executive with Vivamee Hospitality, said Renault Winery will continue to operate the restaurants, banquet facilities, hotel, winery and golf course, as well as continue to honor existing reservations and bookings.
According to its website, Vivamee was selected by an equity firm to manage the hotel and resort operations while OceanFirst owned Renault Winery.
The 242-acre resort and winery filed for Chapter 11 bankruptcy protection in 2013 and was purchased by auction in 2015 by OceanFirst bank for $3.36 million.
Universal Foods bought the winery in 1968 and ran it until MCC Presidential, a New Jersey-based investment group, took ownership in 1974.
The last owner was Joseph Milza, who purchased the property in 1977 and owned it until OceanFirst took control in 2015.
“Although we didn’t expect to be running Renault for more than three years, it was very important to OceanFirst to continue operating the facility for the benefit of the local economy,” said OceanFirst Chairman and CEO Christopher Maher. “We are also pleased that the new owners are committed to enhancing and carrying on Renault’s rich tradition.”