Hacienda La Esmeralda
Hacienda La Esmeralda is a coffee farm in Boquete, Panama, run by the Peterson family. It is the farm that made Geisha world-famous — and the name behind the highest coffee prices ever recorded.
Farm history
- Coffee grew on the land as far back as ~1890; the estate was formally established in 1940 (by Hans Elliot).
- 1967 — Swedish-American banker Rudolph A. Peterson bought the property (then mostly cattle pasture) as a retirement venture; his son Price Peterson took over management in the early 1970s. Half the land is still dairy today.
- 1997 — the family bought the high-altitude Jaramillo farm, noticed the Geisha trees there resisted leaf rust,1 expanded plantings above ~1,650 m, and pioneered separating lots by variety and plot.
- 2007 — began a decade-long variety research project (~400 accessions) at their El Velo farm.
- Today it’s run by Price’s children — Rachel, Daniel, and Ricardo Peterson.2
The 2004 moment
In 2004, Esmeralda entered a separated Geisha lot (from Jaramillo) into Best of Panama. Its jasmine-and-bergamot cup stunned the judges and sold for a then-record $21/lb, launching the modern ultra-premium coffee market.3
Best of Panama record by year
| Year | Category | Result / Price | Notes | |
|---|---|---|---|---|
| 1 | 2004 | Geisha Washed | $21/lb — record | the debut (Jaramillo lot) |
| 2 | 2005, 2006, 2007, 2009, 2010, 2015 | Geisha Washed | 1st place | the farm’s own awards list shows an unbroken washed-Geisha run 2004–20072; prices not always published — see Best of Panama results archive |
| 3 | 2013 | Geisha Washed | ≈ $350/lb — record | ~16× the 2004 price |
| 4 | 2017 | Geisha Natural | $601/lb — record | first natural-process record |
| 5 | 2025 | all three categories | Triple Crown — a BoP first | see below |
2025 in detail (all lots from the Nido plot except Laurina):
| Category | Lot | Score | Price | Buyer | |
|---|---|---|---|---|---|
| 1 | Geisha Washed | Nido | 98.00 (highest in BoP history) | ≈ $13,705/lb — world record | Julith Coffee (Dubai) |
| 2 | Geisha Natural | Nido | 97.00 | ≈ $10,709/lb | JD.com (China) |
| 3 | Varietal (Laurina) | El Velo | 92.88 | ≈ $3,647/lb | Beijing buyer |
In the years between Esmeralda’s records, rivals took the crown: Elida Estate set records in 2018 (803/lb) and 2019 (1,029/lb — the first $1,000/lb coffee), and Carmen Estate broke the five-figure-per-kg barrier in 2023.
To verify
- One source claims a **
350/lb record in 2005** — this contradicts the widely reported 2013 record (≈350) and known intermediate prices. Likely a source error; confirm against official BoP results before citing.- The 2025 “98.00 = highest score in BoP history” phrasing conflicts with our Best of Panama note’s “five judges awarded 100 points” — likely final score vs individual judge scores; reconcile.
- Exact scores/prices for the 2007–2015 wins are unconfirmed.
Continuing dominance
At the 2025 Best of Panama, Esmeralda:
- Set the world record with a washed Geisha lot scored 98/100, selling for ≈ **
13,705/lb** (≈604,000 for a single 20 kg bag, to Julith Coffee of Dubai).4 - Earned the first-ever perfect 100-point judge scores in BoP history.
- Swept all three categories — a first for any producer.
Related
- Geisha · Best of Panama · Panama Cup · Don Pachi Serracín
- El Velo — the estate’s research farm, and one of its three farms
- Julith Coffee · JD.com — who bought the 2025 lots · China coffee market
- Big Sur Coffee — a Shanghai roaster that carries several Esmeralda Geisha lots at once