Property and Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment, net, consists of the following at December 31:



($ in thousands)	2012			2011
Land and land improvements	$	16,162		$	14,385
Buildings and improvements	13,150			12,209
Machinery, water pipelines, furniture fixtures and other equipment	14,429			11,828
Vineyards and orchards	36,625			35,749
Development in process	108,952			94,659
	189,318			168,830
Less accumulated depreciation	(42,728		)	(40,400		)
	$	146,590		$	128,430

During 2012, we recognized $648,000 of revenue related to a land sale of $4,988,000 that closed in December 2011, when offsite infrastructure related to the land sale was completed.

During 2011, we recognized $4,340,000 of revenue and a $4,058,000 gain related to a land sale of $4,988,000 that closed in December 2011 and deferred $648,000 of revenue to 2012 when offsite infrastructure related to the land sale will be completed. We fully recognized the revenues from all land sales in 2010, as none of the requirements for deferral of revenue were present.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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