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Sold! $50 Million of Recreational Land at Midwest Auction

These days investing in the stock market is not for the faint of heart, and in markets from coast to coast thousands of developer-owned condos now sit vacant. But when it comes to land, there’s no shortage of motivated buyers. That’s the takeaway


These days investing in the stock market is not for the faint of heart, and in markets from coast to coast thousands of developer-owned condos now sit vacant. But when it comes to land, there’s no shortage of motivated buyers. That’s the takeaway from a three-day auction of hunting and recreational tracts that grossed more than $50 million earlier this month.

“The first two days were standing room only. Small buyers emerged as winners,” said R.D. Schrader of auctioneer Woltz & Schrader, who added, “the prices met and exceeded our expectations.” In the first day’s auction, which took place in French Lick, Indiana, 9,426 acres sold for $15.78 million ($1,674 per acre) to 72 different buyers. The second day’s auction took place in Brandenberg, Kentucky. A total of 5,994 acres sold for $10.243 million ($1,708 per acre) to 15 buyers. A superior hunting tract in Union and Crittenden counties in Western Kentucky was the sole lot on day three. The 11,776-acre Sturgis property sold to a North Carolina TIMO for $24.583 million ($2,087 per acre).

The auction featured undeveloped land holdings and timberland in Indiana and Kentucky belonging to Kimball International (NASDAQ: KBALB), a furniture and electronics manufacturer. Kimball began acquiring properties in 1963 as a strategic reserve of its primary raw material: wood. Earlier this year the company’s board of directors recognized the assets as non-essential, and hired Woltz & Schrader to administer the sale.

“We had strong turnouts of more than 200 bidders every day with a few bidders seeking large combinations of acreage and a lot of smaller bidders interested in smaller amounts of land for hunting or personal use,” said company president Rex Schrader.

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Posted in Auctions, Eric OKeefe, Farming, Feature, Hunting, Midwest, News Desk, Recreation, Regional News, Timber, Topics

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