The Whitler Family Is Ecstatic With Auction Results
In May of 2007, members of the Whitler Family contacted Jamie Barr and Mark Barr about selling their 347 acre farm located south of McQuady, KY. After inspecting the property Jamie & Mark suggested subdividing the farm and selling it at absolute auction. Most of the family members agreed, however, a couple of them were opposed so the property was listed on the market for $578,000. After 6 months on the market with no buyers, the family decided to sell the farm at absolute auction. The farm was surveyed in 20 parcels. The timber was cruised and 649,564 board feet of timber was also offered for sale at the auction.
The real estate sold for $546,210.96. The timber topped out at $218,350.00 for a grand total of $764,560.96. The total was $186,560 more than the original asking price! Needless to say the Whitler Family was very pleased at the results of the auction.
Mrs. Schnellenberger, the administrator of Mrs. Walker’s estate, needed our help disposing of a small cabin on Rough River Lake. The cabin was small, built in the 1950’s and needed repairs. Our crew had to repair steps and part of a deck in order for potential buyers to safely inspect the property. The Property Valuation Office had the cabin’s assessed value at $42,000. The pre-auction estimates ranged from $50,000 - $80,000.
Seventy registered bidders and an additional sixty spectators attended the auction. The bidding was fast and furious reaching $100,000 within 5 minutes, finally reaching a sale price of $113,300 by ten minutes. The buyers were an out of town couple along with their friend. The buyers were excited as were the 37 heirs to the estate.
The executors of the Nona King Estate asked us how we recommended they sell their farm in order to maximize the selling price.
We suggested surveying the farm in parcels and selling the timber and tobacco base separate. They asked us to handle the details.
· We hired the surveyor and surveyed the property in 26 parcels.
· A forester was contracted for a timber cruise.
· A dozer operator was used to clear fence rows and general clean up.
· The fields were bush hogged.
On the sale day over two hundred prospective purchasers were present. The land sold in 26 parcels to 8 buyers for $939,400. The timber sold for $47,615 which made the grand total $987,015. The results pleased the family since they had expected a price in the ballpark of $750,000.
The Spilmans were not sure of the best method to sell their 60 acre farm. After an inspection of the property our advice was to sell in 9 parcels with the timber selling separate. The land sold for $93,600 which was more money than they had been offered for the entire farm. The timber sold for $85,250. A grand total of $178,900 made the sellers extremely happy and quite frankly was very surprising to us as well.
We were contacted by the executrix of the Johnny Pack Estate to help with the estate settlement. We subdivided 231 acres in 16 parcels and sold the farm, timber and tobacco base for $512,000.
We sold a vacant school building and land for the Meade County Board of Education for $169,000.
Mrs. Mattie Mack acting as the executrix of prominent Brandenburg artist Jo Ross’ Estate needed our help to sell the Ross home. The lakefront home, which needed repair, had been assessed at $110,000. It sold for $132,000.
The Cloverport, KY Police Department hired us to sell a seized home located on Clover Creek. We recommended selling the property in two parcels. They were pleasantly surprised with the $114,675 sales price.
Mr. & Mrs. Haynes had recently had their 43 acre farm listed on the private market for $85,000. Jamie and Mark Barr advised the couple to subdivide the property and sell it at absolute auction. The final sales price was $151,315.
The Harding heirs asked us how to market their creek front Indiana farm. We suggested selling it in 15 acres as recreational land. It sold for $335,121.
The Bullock family had 2 properties to sell, 3.4 acres on the Ohio River and 55 acres on Wolf Creek. The river property sold in two parcels for $49,450. The creek farm sold in 8 parcels for $145,842. The timber sold separate for $62,700. Both properties sold for $305,366.
Due to health reasons, Mr. & Mrs. Staples decided to move to town. Their home and 56 acres sold in 3 parcels for $244,200. A nice line of farm equipment and antiques were also sold.
Mr. S.M. Dunaway contracted with us to sell a 1390 acre farm. The farm was subdivided in 81 parcels and sold for $1,158,856, which was a Breckinridge County record price at the time.
The Albina Coghill family asked us to market their two 100 acre farms. The two farms were sold in 31 parcels for $964,806. The timber was sold separate for $187,633. The total of $1,152,439 is a Meade County record.
Mr. & Mrs. Bruner retired and built a new home. They then had 3 homes, 27 acres, farm equipment and antiques of which they needed to dispose. We sold the real estate in 4 parcels and the vast line of personal property for a total of $301,000. The auction was booked, conducted and closed within 60 days.
After building a new facility, the Meade County Extension District Board had the former extension office building which needed to be sold. Our staff inspected the property then suggested that it be surveyed and sold in two parcels. The building sold for $170,000, while the vacant lot brought $52,000. The Extension Board was well pleased with the outcome.
These owners as well as countless others were very pleased with the results of the auction method of marketing. We set a precedent many years ago when we conducted the first timber auction in our area. Since then we have sold millions of board feet of timber by using the auction method. Executors and administrators of estates have used our expertise in estate settlement since 1967. We have conducted several auctions for the bankruptcy court in Louisville, KY.