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SOLD

LAND AUCTION - 171+/- ACRES IN 5 TRACTS IN HENRY COUNTY, INDIANA

Straugn, IN - Eastern Henry County - Dudley Twp., Near New Lisbon

Owner: The Estate of John B. Luellen, III and Debra K. Hasty Luellen John J. Luellen and Jack Luellen Co-Personal Representatives Edward O. Martin, Attorney for the Estate Thu, Jan 30, 2020

SOLD FOR $975,000

• 171+/- Acres in 5 Tracts • 150+/- FSA Crop Acres • 2020 Crop Rights to Buyer • Includes Quality Cyclone & Crosby Soils with a Whole Farm Corn Index of 142.8 • Top Agricultural Area - 1 Mile From I-70 Interchange at Exit 131 • Farmstead with Brick Ranch Home and Barns • Fenced Pasture, Woods and Running Stream • Eastern Indiana • 35 Miles east of Indianapolis • 20 Miles west of Richmond • ONLINE BIDDING AVAILABLE You may bid online during the auction at www.schraderauction.com. You must be registered One Week in Advance of the Auction to bid online. For online bidding information, call Schrader Auction Company at 800-451-2709.


OPEN HOUSE/INSPECTION DATES

Thurs. January 9th, 11 AM - 12 Noon
Thurs. January 16th, 11 AM - 12 Noon

PROPERTY LOCATION

From I-70, take exit 131 north 1/4 mile to E CR 500 S, turn right and travel 1 mile to S 725 E. The farm has frontage along E 500 S and the residence is located at 5288 S CR 725 E., Straughn, IN 47387.

AUCTION LOCATION

The Golay Community Center. Located at 1001 East Main St. (US 40) Cambridge City, IN

TRACT DESCRIPTIONS

Tract 1: 50± ac nearly all tillable. Featuring a good mix of Cyclone and Crosby soils. Approximately 2,800 ft. of frontage on E CR 500 S AND S 725 E. Nice investment size piece with quality soils.

Tract 2: 53± ac with 50+/- FSA Cropland acres. 150 ft. +/- of frontage on S CR 725 E. Consider combining with Tract 1 to have 104 +/- acres of contiguous farmland. Note: This tract has 3.404+/- acres in the right-of-way of I-70.

Tract 3: 19.7± ac with buildings, house, pasture, pond, established hay crop and a running stream. Make this your place in the country. Quick access to I-70. Track 3 Features:

  • Brick ranch home with 1,235 sf of living space on a 3/4 basement
  • Metal machinery shed (50 ft.x72 ft.) w/ concrete floor built in 1997
  • Open faced metal-sided machinery/Livestock Building (36 ft. x 90 ft.)
  • Fenced pasture
  • 6.16+/- acre tillable field with established hay crop
  • Serviced by the South Henry School System

    Tract 4: 8± ac with 6.49+/- FSA Cropland acres with the balance in mature trees. 500 ft.+/- of frontage on S CR 725 E. Consider combining with Tract 3 for a nice mini-farm or examine the possibility of a rural building site.

    Tract 5: 50.8± ac
    (SWING TRACT) with a nice mix of tillable land and mature trees. This parcel is gently rolling with improved waterways and is currently in hay production.
    NOTE: Must be purchased by an adjoining land owner or in combination with Tract 2.

  • TRACT MAP(S)

    SOIL INFORMATION

    AREA MAP(S)

    PROCEDURES: The property will be offered in 5 individual tracts, any combination of tracts, or as a total 171+/- acre unit. There will be open bidding on all tracts and combinations (subject to Swing Tract restrictions) during the auction as determined by the Auctioneer.

    DOWN PAYMENT: Real Estate 10% down payment on the day of the auction with the balance in cash at closing. The down payment may be made in the form of cash, cashiers check, personal check or corporate check. Your bidding is not conditional upon financing, so be sure you have arranged financing, if needed and are capable of paying cash at closing.

    ACCEPTANCE OF BID PRICES: Successful bidder(s) will be required to enter into a purchase agreement at the auction site immediately following the close of the auction. All final bid prices are subject to the Sellers acceptance or rejection.

    EVIDENCE OF TITLE: The Seller will provide a Preliminary Title Commitment for the review of the prospective buyer(s). At closing, the seller will provide title insurance in the amount of the purchase price. All tracts sold As-Is.

    DEED: Seller(s) shall provide a Personal Representatives Deed(s).

    CLOSING: The balance of the real estate purchase price is due at closing, which will take place on or before March 6th, 2020.

    POSSESSION: Possession will be delivered at closing. Buyer to receive 2020 CROP RIGHTS!

    REAL ESTATE TAXES / ASSESSMENTS: Seller will pay all 2019 taxes due in 2020 by giving a credit at closing. All taxes due after closing will be the responsibility of the Buyer.

    ACREAGE: All boundaries are approximate and have been estimated based on current legal descriptions.

    SURVEY: A new survey will be made where there is no existing legal description or where new boundaries are created by the tract divisions in this auction. If a survey is needed, Buyer(s) and Seller will share survey expense 50:50. If the property sells in its entirety, no new survey will be completed.

    EASEMENTS & LEASES: Sale of the property is subject to any and all easements of record.

    NEW EASEMENT: If Auction Tract 2 is sold separately from Auction Tract 3, ingress and egress easement will be granted over the existing driveway access road running through Auction Tract 3. - ACCESS FOR TRACT 2 WILL BE FROM ITS ATTRIBUTED ROAD FRONTAGE.

    MINERAL RIGHTS: The sale shall include 100% of the mineral rights owned by the Seller.

    AGENCY: Schrader Real Estate and Auction Company, Inc. and its representatives are exclusive agents of the seller.

    SURVEY- It is expected that a new perimeter survey will be completed prior to the auction. The cost of any survey work completed prior to or after the auction will be split 50-50 between the buyer and the seller.

    DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the Terms and Conditions outlined in the Purchase Agreement. The property is being sold on AS IS, WHERE IS basis, and no warranty or representation, either express or implied, concerning the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the Sellers or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Sellers and Selling Agents reserve the right to preclude any person from bidding if there is any question as the persons credentials, fitness, etc. All decisions of the Auctioneer are final.

    ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. AUCTION COMPANY OR OWNER NOT RESPONSIBLE FOR ACCIDENTS.

    Auction Brochure

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