Farmland Goes For Nearly $8 MillionPosted: Updated:
More than 800 acres of farmland in Delaware County have sold for close to $8 million. The Star Press reports Anderson-based Carter Logistics LLC Chief Executive Officer John Paugh won the auction, which took place Tuesday at the Horizon Convention Center in Muncie. You can view details of the property by clicking here.
The publication reports it was the largest land auction in the Delaware County area in two decades.
Sources: The Star Press, Schrader Real Estate and Auction Co.
Originally Posted March 7, 2014
MUNCIE, Ind. - Approximately 833 acres of productive tillable farmland near Muncie will be offered in a major auction Tuesday, April 8, with Schrader Real Estate and Auction Company marketing the property and managing the auction.
The land, 97 percent of which is tillable, will be offered in 15 tracts ranging from 3 acres to 114 acres.
"Approximately 557 acres of this land is located just off Interstate 69 along W Division Road, in 10 contiguous tracts, which feature excellent Treaty and Crosby soils, as well as county drainage tile. Of the land in these 10 tracts, 543 acres are FSA tillable, making this an excellent value in terms of productivity," said R.D. Schrader, president of the auction company. All of the land is located within a five-mile radius.
The three-acre tract, which will be available for possession after Aug. 1, provides 156,000 bushels of bin storage and drying facilities. All other tracts will be available for immediate possession.
"Given the very high percentage of tillable land and the excellent soils and drainage, we believe this land will be attractive to investors as well as to local operators, who can bid on just the tracts that meet their needs and add that land to their existing operations," said Schrader.
Online bidding will also be available by prior arrangement. "Most local bidders still prefer to be in the room for our auctions, but in some cases, investors and others from outside the area find it a challenge to travel to the auction. Our online bidding is set up so that they can participate fully, seeing the same information, viewing and hearing the auctioneer, and interacting with a bid assistant to offer new bids on individual tracts or combinations of tracts," said Schrader.
Schrader personnel will be available at the property to provide detailed information from 10 a.m. to noon Saturday, March 15, and Saturday, March 22.
The auction will begin at 1 p.m. Tuesday, April 8, at the Horizon Convention Center in Muncie.
Schrader Real Estate and Auction Company, based in Columbia City, Ind., is a leading auctioneer of agricultural land throughout the United States and is a four-time USA Today/National Auctioneers Association Auction of the Year Winner, as well as a two-time winner of the Grand Champion Marketing Award of Excellence.
Source: Schrader Real Estate and Auction Co.