Al Scheid first purchased property in Monterey County in early 1972. Monterey wine grape growing was in its infancy and Al was drawn to the region for its untapped potential. Back then, Scheid Vineyards was called Monterey Farming Corporation and it was originally structured as a limited partnership. If you are over 50, you may remember that the tax laws at that time allowed investors to offset losses against regular income. Al, a graduate of Harvard Business School and an investment banker and entrepreneur, was running his own investment company and became intrigued with the idea of vineyards as a tax shelter vehicle – heavy investment on the front end and no income until at least five years into the project. After determining that it was a sound plan and Monterey County was an ideal region, Al scouted for vineyard ground, formed the Vineyard Investors 1972 limited partnership, and found a customer for 100% of the grape production before even one acre was planted. This was soon followed by the Vineyard 405 limited partnership and Al Scheid’s career in wine growing had begun.
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