Select at least two products to compare. You've added the maximum number of products to compare. Would you like to compare the products you've added? You've already added the maximum number of products to compare.Just as sneakerheads go to the end of the earth for a pair of Air Yeezys and beer nerds hunt down white whales like Alchemist Heady Topper, fans of Kentucky whiskey tend to have one holy grail that haunts them: a bottle of Pappy Van Winkle bourbon. Tracking down the brown spirit has become a popular sport in recent years—there’s even a Pappy Tracker that is solely dedicated to helping find the bottle nearest to you—with the 23-year-old Family Reserve acting grand-prize trophy (though many experts prefer the 15-year-old version for overall flavor). And like any product with this much hype, Pappy has spawned a crazy secondary market that’s responsible for Hollywood-worthy whiskey heists and eBay prices of up to $5,000 a bottle. So what’s the story behind this liquid gold?

Based in Frankfort, KY, the Old Rip Van Winkle Distillery is not actually a distillery at all, but rather a company that contracts the production of its coveted spirits to Buffalo Trace. Julian “Pappy” Van Winkle, for whom the bourbon is named, started selling whiskey in 1893 as a salesman for W. L. Weller. sherpa lined hoodie 3xlHe would eventually go on to become the president of the Stitzel-Weller Distillery, which produced many well-respected whiskeys through the 1960s. north face denali jacket knock offHowever, years after Pappy passed away, stockholders forced the sale of the distillery; preston innovations hoodiesto keep the family tradition alive, Julian Van Winkle III and his father started buying back barrels of their own bourbon and bottling it under the Old Rip Van Winkle label (some of which is still being sold today).supreme floral hoodie retail price

Fast-forward three decades and the bourbon is what many aficionados consider to be the finest whiskey on the planet. Thanks in part to high-profile fans ranging from Bill Cosby to Anthony Bourdain, the spirit has gained cult status, with die-hard fans driving across state lines and even threatening violence just to get a taste. “We have people with literally billions of dollars who can’t find a bottle,” says Van Winkle III in an interview with Louisville Magazine, “They could buy a private jet in cash. They’d have an easier time buying our company.” Here, we delve into the tradition, lore, and insane reselling antics that have helped make Pappy Van Winkle one of the country’s most intensely sought-after spirits. There are only 7,000 cases produced a year. While the demand for Pappy is incredibly high, the brands produces only around 84,000 bottles a year. That may sound like a kind of large number, but remember that it is barely a drop in the ocean compared to other bourbon makers like Jim Beam, which churn out around 7 million cases (or 84 million bottles) in the same time period.

Because the product is aged for so long, the number of bottles of Pappy available today actually reflects the demand for bourbon 10, 15, and 23 years ago. And even though the demand is much higher now, Pappy is only increasing production by two or three percent every year so as not to sacrifice quality. What else do you expect from a company who's motto is, "At a profit if we can, at a loss if we must, but always fine bourbon." Wheat is the key to Pappy's unique flavor. If there was ever a better reason to avoid the gluten-free trend (aside from the fact that it is boring), this is it. All bourbons are made with a mash that is at least 51% corn, to which secondary grains—typically rye and barley—are added. Pappy trades out rye for wheat (thus making it a so-called "wheated bourbon"), resulting in a sweeter, fruitier end product, with notes of citrus and vanilla. The waiting list for a bottle can be upwards of ten years. While it was possible to special order bottles directly from the distillery just a decade ago, that is no longer the case.

The cult status of Pappy has only increased in the past few years, causing the waitlist time for a single bottle at liquor stores to hit the ten year mark. Perhaps this increase in demand can be linked to a slew of unsolicited celebrity-chef endorsements from the likes of David Chang, Sean Brock, and Anthony Bourdain. Apparently, even Bill Cosby is a fan—rumor has it that he is at the top of the distillery's waitlist every year. The largest Pappy Van Winkle heist to date involved $25,000 worth of stolen bourbon. In October of 2013, the elusive bourbon became even more elusive after someone managed to steal 65 cases, valued at more than $25,000, from the Buffalo Trace Distillery. The police interviewed at least 100 people, but the case remains open even though the local sheriff announced a $10,000 reward. Many suspect it was well-orchestrated inside job; according to CBS, whoever pulled of this heist stands to make much more than the bourbon's retail value by more selling the bottles on the black market.

We're just hoping that it turns out to be the bourbon version of The Thomas Crown Affair, so at least we can all get a good movie out of the ordeal. The annual release of new Pappy Van Winkle bottles is so anticipated that it's commonly known as “Pappy Day." Each year's batch of bourbon is unleashed on the market all at once, usually in late fall or early winter on a day fondly referred to as "Pappy Day" across Kentucky. Each state gets its own allocation, and a very small number of bottles make their way to London. The company takes pride in getting their bottles into "good homes"—bars and distributors that have serious bourbon-appreciation cred—instead of merely selling them to the highest bidder. Crazed bourbon fans (and hypebeast resellers) have paid up to $5,000 for a single bottle of Pappy. The Wall Street Journal reports that "certain particularly sought-after bottles have solid in the $5,000 range." While that isn't a common occurrence, a quick Google search will reveal that the chances of you paying anywhere between $500-$1,000 for a single bottle are about as high a Miley twerking and/or sticking out her tongue in her next video.

Even if your favorite bar was lucky enough to procure a bottle, single pours can easily hit the $80 mark. If you can't get your hands on a bottle of Pappy, there are some other fine bourbons endorsed By Julian Van Winkle Himself. Food and drink writers have put together many decent Pappy alternative lists over the years to help satiate the thirsty masses. Even Julian Van Winkle has never been shy about endorsing other competing bourbons, a rare move by a company owner. He is very aware of how difficult (and expensive) it can be to procure his family's product, so he openly suggests the following options to GQ: 1) The seven-year-old W. L. Weller (also made by Buffalo Trace) 3) Four Roses, single-barrel 4) If none of those are available, drink vodka. For every three gallons of the Family Reserve 23 Year Old Bourbon that's made, about 50 gallons are lost. Demand contributes to the astronomical prices of Pappy's 23 Year Old Reserve, but it's also a very expensive product to produce.

Not only does the brand have to wait more than two decades to sell it, but the "angel's share"—or amount of whiskey evaporated through the wood barrels over the years—means that there's very little liquid left to profit from. For ever three gallons of drinkable bourbon produced, 53 must be made—a rate most producers couldn't stomach, once again setting Pappy apart from the rest. No one really cared about Pappy Van Winkle until 1996. In the 1980s, bourbon was considered backwoods hooch, while vodka, Scotch, and gin ruled the market. A very broke Julian Van Winkle had to resort to gimmicks—like novelty crocks shaped like coal miners and dogs—to even get Pappy to sell. The game changed in 1996, when a sales rep submitted the Van Winkle 20 Year to the prestigious Beverage Testing Institute, where it got an unprecedented rating of 99. Demand went nuts from there, and in 2011, Julian P. Van Winkle III took home the James Beard Award for Outstanding Wine and Spirits Professional.