Update: The complete tract of land went unsold during the brief auction. The first tract at 50 acres was passed on at $120,000, the second tract at 40 acres was unsold at $96,000, and the third tract at 80 acres was unsold at $192,000. A combination of all three tracts was passed on as well.
170 acres, broken up into three tracts of 50, 40 and 80 acres, goes on the block Saturday in Marion County, IL. The land can be used both for hunting and CRP income. Buy A Farm Land and Auction Co. will host the bidding.
The minimum opening bids on the property start at $2,400 an acre.
Located on Blackburn Road, 15 minutes from I-57 in Centralia, the property could be a solid buy if you happened to scoop up all three parcels. Each has a decent CRP income; they total about $6,500 per year. According to the listing, deer abound on the property.
This would make a nice long weekend retreat for hunters in St. Louis or Chicago.
Bids will be taken at the Iuka Grade School or online. 10% down is required at the end of the auction with the balance at closing.
Want an opportunity to meet the top gun on The Land Report 100 on one of his many ranches? Now you can, thanks to a Montana fundraiser. Tickets to tour Ted Turner’s 119,000-acre Flying D Ranch are still available, and they’re going for $1,500. Proceeds go to the Greater Yellowstone Coalition; Turner is a board member.
Your $1,500 fee gets you a driving tour of the ranch from the nation’s largest landowner, cocktails on his back porch, and a dinner featuring ranch-raised bison. Turner has the world’s largest private herd of bison, which he raises on the Flying D and markets through his restaurant concept, Ted’s Montana Grill, with over 50 locations in 18 states.
At last report 10 of the 60 tickets remained.
Read more at:
“Enviro Group Plans Fundraiser at Turner Ranch,” Billings Gazette, June 5, 2009.
Remember the Interior Department’s ongoing investigation into possible abuses of the Royalty-in-Kind program? Now the department’s Inspector General has started to look into possible abuses by companies seeking to develop renewable energies on BLM land.
Three years ago, BLM received six applications for solar energy projects. In the last year? 130, including one for 300,000 acres from Cogentrix Solar Investments.
The focus of the investigation is renewable energy companies as well as speculators that have applications pending for BLM leases and are seeking to be acquired based on the value of those applications.
According to the LA Times:
Officials said last week that the inspector general’s office of the Department of the Interior was investigating Tempe, Ariz.-based First Solar Inc.’s recent acquisition of Hayward, Calif.-based OptiSolar, and its unfinished renewable energy projects, for $400 million.The deal gave First Solar control of what the company described as OptiSolar’s “strategic land rights” to 136,000 acres of public land in San Bernardino, Riverside and Kern counties.
In acquiring OptiSolar, First Solar acquired the lease applications, not the land itself. Those applications are no guarantee according to Greg Miller of the BLM.
“There is no value associated with a mere application, which could be rejected by us for a variety of reasons,” Miller told the Times.
As a result, application approvals for solar energy projects have been suspended while officials sort out what’s going on.
Read more at:
“Renewable Energy Sparks a Probe of a Modern-Day Land Rush,” Los Angeles Times, June 1, 2009.
Tired of some sommelier always offering overpriced vino? Think you could churn out a choice wine using your own grapes? Then what’s stopping you?
This 30-acre Napa Valley vineyard is all about the dirt . Jocelyne Monello of Heritage Sotheby’s International Realty has it listed for $6.9 million.
Almost all of the property is dedicated to grape growing. It also has a 2,400-square-foot aging building, a 5,200-square-foot outdoor work pad, and a 1,000-square-foot residence on the premises. Better yet, it already has an approved permit for a 100,000-gallon winery.
At $6.9 million, the property is a solid investment in itself. The current owner has a triple net lease that brings in $300,000 a year.
Remember, you may not be able to direct films like Francis Ford Coppola, but at least you could try to make wine like him.
Four years after the Supreme Court handed down Kelo vs. New London, eminent domain reform continues. Earlier this month, the Texas Senate passed an amendment that would make it harder for the government to seize land from private landowners via eminent domain.
The foundation of Senate Bill 18 is the provision that private land can not be seized and then redistributed for private use. The bill also calls for good faith negotiations and fair compensation. The amendment passed the Senate on a 31-0 unanimous vote and is now before the House, which is considering a separate amendment. If approved by the House, it would go before Texas voters in November.
Also in the bill are several procedural definitions that call for transparency and accountability in the process.
The language is as follows:
- Spells out objective criteria for courts to follow to determine good faith negotiations. Requires condemning entities to follow those criteria, or risk paying attorney fees and court costs for the landowner.
- Creates a “Truth in Condemnation Procedures Act,” which requires a bona fide offer in writing.
- Requires any condemnation procedure to be done in public and by a record vote.
- Allows a property owner or their heirs to repurchase condemned property, at the original price paid for the property, if it is not utilized for public use after a 10-year period.
- Requires all condemning entities to register with the state Comptroller. This will give the state a handle on how many and the kinds of entities having eminent domain power.
- All of these provisions apply to all entities, not just governmental entities.
Yet another twist to a story we’ve been covering out of Park City, Utah.
Last year, the Pivotal Group, developers of the 7,200-acre Promontory Club, threw in the towel and sought bankruptcy protection. At stake was more than $350 million in loans packaged by Credit Suisse as well as a choice swath of 7,200 acres overlooking Utah’s Park City.
In bankruptcy court last month, the Promontory Club failed to sell. Guess who ended up with it? An affiliate of the Phoenix-based Pivotal Group. That’s right: the developer who defaulted on $350 million in loans purchased the property out of bankruptcy. The price? $30 million.
The 7,200-acre property features luxury second homes situated around Pete Dye and Jack Nicklaus golf courses and world-class skiing in nearby Park City.
Read more at:
“Bankrupt Luxury Community Sold to Same Developer,” Associated Press, April 17, 2009.
The jury is still out on my definition of dream property, but I’ll tell you this: Montana’s Sun Ranch is definitely in the running.
Nestled on 18,000 acres just outside of Yellowstone National Park in the Madison Valley, the Sun Ranch ranges from 5,700 feet to over 10,000 and is a sterling example of what a true steward of the land can do with a spectacular piece of property. Almost 100 percent of the ranch is protected by conservation easements.
Three creeks – Sun, Moose, and Wolf – nurture more than a mile of the Madison River, which weaves its way through the property. Needless to say the fishing is out of this world. Elk, deer, bear, antelope, and sheep cross this country going to and from Yellowstone. Throw in a beautiful main residence, and this prime parcel is for sale at $55 million. Fay Ranches has the listing.
According to New West,the owner, Roger Lang, is looking to unload the ranch and free up capital for other conservation projects. According to the article, it looks like he has in mind a development similar to what Russ Maytag has done in Colorado at Maytag Mountain Ranch.
Update: According to Chip Miller of NAI Knoxville, the Fort Loudon Lake property sold Saturday morning for $26.5 million to Bryan Testerman of Testerman Construction. That’s $54,000 per acre. Additional details to follow.
Original Post: Nearly 500 acres just outside Knoxville on Tennessee’s Fort Loudon Lake is up for absolute auction this weekend. As long as someone shows up with the $100,000 cashiers check required to bid, there will be a new owner for what tax rolls call the Al Kraemer Farm.
This pristine piece of farmland sits on a peninsula overlooking the popular lake, which sees an estimated two million visitors per year. There are three buildings on the farm. One dates back to 1910, but a newer 3,700-square-foot residence was built in 1983 and has four bedrooms and four bathrooms. The structures are irrelevant, however; the land is prime for development.
“It is the nicest piece of lakefront property in East Tennessee,” says Chip Miller of NAI Knoxville. “It’s in one of the highest growth areas and the demographics of the surrounding area are great.” Miller says he expects “only a handful” of people to make bids on the property. Will the land be sold for development? “Most certainly,” Miller said. The price though is the biggest question mark.
“It could go for $10 million or $40 million. It’s arguably worth $40 million,” Miller said, which equates to roughly $80,000 an acre.
Val Kilmer, star of Top Gun, Tombstone and Willow, has put his 5,970-acre Pecos River Ranch on the market for $33 million. John Watson of Orvis/Cushman & Wakefield has the listing.
The Pecos River Ranch features more than five miles of frontage on its namesake river. Kilmer’s 5,550-square-foot adobe home as well as an 1,800-square-foot caretaker’s home, additional guest homes, barns, garages, and outbuildings are included in the sale.
The ranch is located 8 miles from Pecos, 22 miles from Santa Fe, and 90 miles from Albuquerque.
Kilmer, who is rumored to be considering a run for governor of New Mexico, has owned the property for nearly 15 years. He previously listed portions of the ranch for sale in 2006, but found no buyers.
According to this ABC Australia report, land values around the world are plummeting. The hardest hit country? The Ukraine.
The value of rural land in the Ukraine has plummeted a staggering 75 percent. The Australian news report indicates that the basics of the problem are the same there as everywhere else: thanks to the credit crisis the previously well-lined pockets of investors are no more. The report also references, but does not detail, a 5 percent drop in land values for the United States and Great Britain.