We firmly believe it to be nearly impossible to find a comparable property of this size and quality that has sold recently or is currently available in the Corn Belt, and for certain in the Missouri River Basin. This farm has possibly one of the strongest cash rental leases of any farm in Missouri, outside of some select farms in the Bootheel that are suitable for Cotton, Potato and Horse Radish production. Furthermore, it is very rare to find a farm that has an equal amount of improvements that create potential depreciation to capture as a tax savings. The current ownership has a depreciation schedule that totals over $1,000,000, and you should talk with your tax accountant about how this may benefit you as well. This farm has a very impressive record of only losing 6 years of production in the last 80 years to flooding, and 2 other years it lost a portion of its crop to keep water because the river stayed at a very high level for an extended period (60-90 days). The farm has great road frontage/access, and the roads are very well maintained. These roads are critical to providing easy access for the large equipment ingress/egress to the crop land and for hauling the crop out of the field to market. There are several large local grain markets within 5 – 20 miles of the farm. These include ethanol plants, rail terminals, and river terminals. These competitive local outlets provide a strong cash
basis or positive margin basis over the Chicago Board of Trade. This allows the farmers to market their grain close by for a premium price, with very little transportation expense, thus adding profitability to their operation and higher cash rent for the landowners. There are times throughout the year that the local grain markets will have up to a $1/bu premium on corn over the CBOT. The farm is also within an hour of Kansas City which has several end user buyers that will pay a premium for these commodities, and Kansas City also has several river and rail terminals as well.
Conditions: This sale is subject to all easements, covenants, restrictions of record, and leases. Each Bidder is responsible for conducting, at their own risk, their own inspections, inquiries, and due diligence concerning the property. All property is sold on an “AS IS-WHERE IS” basis with no warranties or guarantees, either expressed or implied, by the Seller, West Central Auction Co., Farmers National Company, or Missouri Land and Farm.
Possession: Possession will be granted at closing on January 3, 2023 or such other date agreed to by the parties. Subject to current lease.
Earnest Payment: A 10% earnest money payment is required on the day of the bidding. The payment may be in the form of cashier’s check, personal check, company check, or wired funds. All funds will be deposited and held by Linn County Title Company, LLC. Contract and Title: Immediately upon conclusion of the bidding, the high bidder(s) will enter into a real estate contract and deposit with Linn County Title Company, LLC, the required earnest payment. The Seller will provide a current abstract of title at their expense. The cost of title insurance will be equally paid by the Seller and Buyer(s). The cost of any escrow closing services will be equally paid by the Seller and Buyer(s). Sale is not contingent upon Buyer(s) financing.
Closing: The sale closing is on January 3, 2023 or such other date agreed to by the parties. The balance of the purchase price will be payable at closing in guaranteed funds or by wire transfer at the discretion of Linn County Title Company, LLC.
Survey: At the Seller’s option, the Seller shall provide a property survey sufficient to provide good title where there is not an existing legal or where new boundaries are created. The Seller will pay the survey cost. Final contract prices will be adjusted to reflect any difference between the advertised and actual surveyed acres.
Sale Method: The real estate will be offered in six individual tracts, any combination, or as a total unit. Bids on the tracts and the total unit will compete. All bids are open for advancement until the Auctioneer announces that the real estate is sold or that the bidding is closed. The real estate will sell in the manner resulting in the highest total price. Bidding increments are solely at the discretion of the Auctioneer. Absentee or telephone bids will be accepted with prior approval of Farmers National Company, Missouri Land and Farm, and Seller. All decisions of the Auctioneer are final. Approval of Bids: Final sale is subject to the Seller’s approval or rejection.
Agency: West Central Auction Co., Farmers National Company, Missouri Land and Farm, and their representatives are acting as agents of the Seller.
Announcements: Information provided herein was obtained from sources deemed reliable, but neither West Central Auction Co., Farmers National Company, Missouri Land and Farm, nor the Seller makes any guarantees or warranties as to its accuracy. All potential bidders are urged to inspect the property, its condition, and to rely on
their own conclusions. All sketches, dimensions, and acreage figures are approximate or “more or less”. Any announcements made auction day by Farmers National Company or Missouri Land and Farm will take precedence over any previous printed materials or oral statements. West Central Auction Co., Farmers National Company, Missouri Land and Farm, and Seller reserve the right to preclude any person from bidding if there is any question as to the person’s credentials or fitness to bid.
Seller: Spur Legacy Ranch Trust
Auctioneer: Jason Winter
Online Simulcast Bidding Procedure: The online bidding begins on Monday, November 21, 2021, at 10:00 AM. Bidding will be simultaneous with the live auction on Thursday, December 1, 2022, with bidding concluding at the end of the live auction.
To register and bid on this auction go to: https://www.westcentralauctionco.com/
All bids on the tracts will be visible on-line, but the identity of bidders is confidential. See auction terms and conditions for minimum bid requirements and details.
Server and Software Technical Issues: In the event there are technical difficulties related to the server, software, or any other online auction-related technologies, West Central Auction Co., Farmers National Company, Missouri Land and Farm reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Farmers National Company or Missouri Land and Farm shall be held responsible for a missed bid or the failure of the software to function properly for any reason. E-mail notification will be sent to registered bidders with updated information as deemed necessary by Farmers National Company or Missouri Land and Farm.