CHAMPAIGN, Ill., Aug. 1, 2016 /PRNewswire/ -- A 333-acre Delaware farm sold for $3,827,350 million in an auction that attracted more than 30 registered bidders who competed vigorously for an hour and a half. Murray Wise Associates conducted the auction, in cooperation with Woltz & Associates.
"There was a lot of energy in the room, and bidding was vigorous. We had 69 bids in 17 combinations, even though the land was offered in only seven tracts," said Joe Bubon. "When you get that kind of activity, you're usually going to end up with a successful auction. We were very pleased, especially with the bidding on the tillable farmland."
The 305 acres of irrigated farmland sold for $10,450 per acre.
"It helped that this is good, productive, irrigated farmland, but the price per acre was higher than some observers had expected, especially given the falling commodity prices we've seen over the last couple of years. It also helped that the land was in Kent County's Growth Overlay Zone, so some bidders were viewing it as potential future development land," said Bubon.
Ultimately, the farm was divided among four different bidders in the July 28 auction, he said.
Individuals seeking additional information may visit www.murraywiseassociates.com, or call 800-607-6888.
Murray Wise Associates LLC, headquartered in Champaign, Illinois, is a leading national agricultural real estate marketing and financial advisory firm, with additional offices in Naples, Florida and Clarion, Iowa.
Woltz & Associates, headquartered in Roanoke, Virginia, is a leading auctioneer of land, commercial and residential properties and other high-value real estate throughout the United States, with an emphasis on the Mid-Atlantic Region.
For more information:
Carl Carter, 205-823-3273
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SOURCE Murray Wise Associates LLC