A rare cask of single malt whisky has been sold for an eye-watering £16 million, setting a new record.
The barrel, called Cask number 3, was produced by Ardbeg distillery on Islay in 1975. It has been snapped up by a private buyer in Asia, beating the previous cask record, set earlier this year, by £1 million.
The cask sold for more than double what the owners, Glenmorangie Co, a subsidiary of LVMH luxury group, paid for the Ardbeg distillery itself in 1997. It is also the oldest cask ever released by the company, The Scottish Daily Express reports.
As part of the deal, around 88 bottles with an individual value of £36,000, will be sent to the buyer over the next five years. Thomas Moradpour, president and chief executive of the Glenmorangie Co, said the sale was a 'source of pride' for the Ardbeg community on Islay which produces 'one of the most sought-after whiskies in the world'.
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The Ardbeg distillery began bottling in 1815 but fell on hard times from the eighties, nearly being mothballed. That was until it was bought over by Glenmorangie Co.
Charles MacLean, Scotland's leading whisky writer and expert, called the cask 'a remarkable piece of liquid history'.
He told the Financial Times: "The factors which make a particular whisky investable are threefold: rarity, flavour and variety. And collectors do love Scotch, because of the provenance and history."
Scotch whisky is worth £5.5billion to the Scottish economy per annum and accounts for 75 per cent of food and drink exports. Earlier this year, a Scottish drinks maker announced it would sell a rare batch of whisky dating back to World War Two for a staggering £92,000 per bottle.
Macallan has announced the release of The Reach which was laid to rest in 1940, just before the distillery was forced to close its doors for the first time in history due to the war.
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