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Hancock County, Indiana land sells at auction for $9.85 million
A standing-room-only crowd turned out for the auction of 1,091 acres of farmland and industrial property Wednesday, and at the end of the highly competitive bidding, the property had sold for $9.85 million.
Schrader Real Estate and Auction Company conducted the auction in cooperation with Cushman & Wakefield, commercial and industrial brokers.
The auction attracted 59 registered bidders to Adaggios Banquet Hall and Conference Center, and 10 emerged as successful buyers of tracts.
“About half the buyers were farmers seeking cropland,” said R.D. Schrader, president of the Columbia City-based auction company. Also selling were wooded tracts and others with commercial buildings. “We offered the property in 24 tracts, and bidders were encouraged to make offers on various combinations that met their needs,” he said.
Bidders did just that, grouping tracts in a number of ways as other bidders made offers on the entire property, according to Steve Slonaker, broker for Schrader.
“We had some investors seeking to buy the entire property, but ultimately, the bidders for the parts won out over the whole,” said Slonaker. He said the bidders included farmers, investors and 1031 buyers. Buyers included a farmer who purchased 430 acres and a commercial buyer who bought five acres.
Individuals seeking additional information may call 800-451-2709 or visit www.schraderauction.com.