Limoneira agreed to sell a vineyard property in Paso Robles, Calif. to a private buyer for $15 million in cash after a public auction.

The lemon and avocado grower said Monday the proposed sale is part of its efforts to bolster its balance sheet, reduce debt and focus on higher-return opportunities across its core agribusiness and real estate businesses. The company said it expects to use some proceeds from the sale to fund avocado acreage expansion.

Bidding for the property opened Aug. 5 and closed Aug. 15. Limoneira said it pursued a public auction process to help establish the 724-acre property's market-based value through open, competitive bidding.

The company expects the deal to close Sept. 14.