Final day of East Coast Brokers & Packers auctions brings $13,610,000

EXMORE, Va., Aug. 21, 2013 /PRNewswire/ -- Farmland, produce packing facilities, labor housing and other properties attracted bids of $13,610,000 Tuesday, Aug. 20, in the fourth and final day of auctions of real estate being sold as part of the bankruptcy of East Coast Brokers & Packers, the Madonia family and related entities.

The properties auctioned Tuesday include approximately 3,228 acres (1,710 aces tillable), several packing plants, and labor camps that had been previously used for East Coast Brokers & Packers' extensive tomato growing and packing operations.

The auctions were conducted by Murray Wise Associates, in cooperation with Woltz and Associates and Crosby & Associates.

The sale brought the four-day total to $68,720,000. Chapter 11 Trustee Gerard A. McHale Jr. declared the series of auctions an "unqualified success."

"All of these properties were well marketed, and the auctions each day were competitive and professionally run. I believe we've achieved the best results we could have expected at this point," said McHale.

Ken Nofziger, president of Murray Wise Associates, agreed. "We've had a great four days of auctions. Every day, whether in Florida or Virginia, we've had capacity crowds and vigorous, active bidding on all tracts," said Nofziger.

The series of auctions began in Lakeland, Fla., on Thursday, Aug. 15, with the $48,740,000 auction of approximately 7,377 acres, as well as packing facilities, labor housing and other properties. On Friday, Aug. 16, bidding added $3,740,000 on Florida non-agricultural assets, including the Red Rose Inn & Suites in Plant City, Fla. On Monday, Aug. 19, bidding reached $2,630,000 on several homes and other assets not directly used as part of the farming and packing operations.

All bids are subject to the approval of the United States Bankruptcy Court of Florida, Tampa Division.

With the real estate auctions completed, attention now turns to the upcoming auctions of tractors, forklifts, trucks, sprayers, specialized tomato implements and other pieces of agricultural equipment.

The first group of equipment will sell at 9 a.m. Wednesday, Aug. 28, in Mulberry, Fla. The second auction will be held at 9 a.m. Wednesday, Sept. 4, in Greenbush, Va. Online bidding during the live auction will be available for both events.

Details on the equipment auctions are available at www.murraywiseassociates.com.

Murray Wise Associates LLC, headquartered in Champaign, Ill., with additional offices in Florida and Iowa, is a leading national agricultural real estate marketing and financial advisory firm.  

Crosby and Associates, Inc., based in Winter Haven, Fla., with offices in Tavares, Fla., and Hawkinsville, Ga., is a noted provider of agriculture real estate brokerage and management services.

Woltz and Associates, based in Roanoke, Va., is a leading auctioneer of land, homes and other assets throughout the United States, with a concentration on the Middle Atlantic region.

For more information:
Carl Carter, 205-823-3273

SOURCE Murray Wise Associates