Peel and thinly slice the mandarin oranges, making sure to remove all of the bitter white pith. Peel the grapefruit thoroughly, making sure to remove the pith. Remove the whole fruit segments. Rinse the lime under hot water, and thinly slice. Cut the slices into quarters. Mix the fruit in a punch bowl with the sugar, orange liqueur, grenadine, and some of the wine. The fruit should be covered by all of the liquid. Cover and refrigerate overnight.
Before serving, add the remaining wine and the sparkling wine. Add the mineral water to taste, and serve.