Bankruptcy Auction: 586+/- Acres with 2.4+/- Miles Water Frontage Guaranteed to Sell Above $790,000 Bid - Site Sold for $13,000,000 in 2006

VIRGINIA BEACH, Va., April 4, 2012 /PRNewswire/ -- Few properties could singularly tell as well as this one the story of the real estate market's rise and fall.

Boasting 2.4+/- miles of water frontage, this strategic, 586+/- acre land tract located in northeastern North Carolina sold for $13,000,000 in 2006. But now, a mere six years later, bidders at the April 19 bankruptcy auction will have the opportunity to acquire the property for only a small fraction of that price, with the site guaranteed to sell above a bid of only $790,000.

This land tract, which forms the tip of a peninsula created by the confluence of the Perquimans River and Sutton's Creek, is unique not only for its significant size and extensive water frontage, but also for its elevation. The vast majority of the HA (Historical Agriculture) zoned property is upland, with very little wetland.

Ideal for future development, with very little marsh or swamp, the property offers a striking 1.05+/- miles of water frontage on the Perquimans River – by which the Albemarle Sound is merely a short boat ride away – as well as 1.35+/- miles on Sutton's Creek.

In the vicinity of the property, the Perquimans River is approximately 1.5+/- miles wide, while Sutton's Creek reportedly offers water depths of approximately 10 to 14 feet, allowing for a variety of boating and water activities.

Of course, ready access by land is also available, with the site located just south of Hertford, NC, and only 3+/- miles off of US 17, a major north-south highway.

Norfolk, VA and NC's Outer Banks are only 60+/- miles away, while Richmond, VA and Raleigh, NC are 150+/- miles away, and Washington, DC is just 250+/- miles up the road.

Those interested in the agricultural value of the property will find that that the USDA classifies 258 acres as cropland, which have most recently been planted in soybeans and corn.

Additionally, approximately 130 acres are in pine.

Interested parties are invited to attend the auction, which will take place April 19, 2 p.m., on-site at Bundy's Rd. in Hertford (Perquimans Co.), NC, or to attend the property inspection on April 12, from noon to 2 p.m.

The real estate auction is being conducted by Tranzon Fox (NCAF 4953). For complete details about the auction, visit http://www.tranzon.com/FX1677 or call Blanche Chisum at (910) 297-5141, or [email protected].

Tranzon Fox is a member company of Tranzon, L.L.C., and is a full-service auction and real estate disposition company. Tranzon has completed over $1.6 billion of real estate auction sales since its founding in 2000. To learn more about Tranzon, visit www.tranzon.com.

SOURCE Tranzon Fox