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Billionaire Alejandro Bulgheroni's wine dreams for S America

New York

IT was twilight when Alejandro Bulgheroni first saw a 2,200-hectare property for sale in rural Garzón, just north of the Uruguayan resort Punta del Este, where he has a beach house. The peaceful green hills reminded him of Tuscany.

"The place had magic," he says. "I had to...