299.55 +/- Acre Land Auction, Lincoln Co., MN

March 9, 2023 10:00 am

Drammen & Shaokatan Twp's, Lincoln Co, MN

Bid Online!

Directions

The sale conducted at Tract 1, located from Lake Benton, MN 4 miles North on Hwy 75, 4 miles West on Hwy 13. Or From Elkton, SD, 2 miles North on Hwy 13, 3 ½ miles East on Hwy 14, then 4 miles North on Hwy 1 & 2.5 miles East on Hwy. 13.

Tract 1 Sold For $9,500 Per Acre or $760,000.00

Tract 2 Sold for $9,300 Per Acre or $553,815.00

Tract 3 Sold For $4,900 Per Acre or $392,000.00

Tract 4 Sold For $3,850 Per Acre or $308,000.00

Auctioneer Notes

Here is an opportunity to purchase up to 299.55 +/- acres in 4 tracts featuring productive land that includes a mixture of nearly all tillable row crop tracts, and CRP and pasture grassland tracts located in Lincoln Co., MN. This auction presents an excellent opportunity if you are in the market as a farmer or investor. The cropland acres are leased for 2023, the new buyer will receive the 2023 rent credit upfront at closing. The new buyer will begin receiving the full CRP payments starting in 2023, and the pasture acres will have possession for 2023. The auction will be conducted live on site at Tract 1, with online bidding available.

Overview

Tract 1 – 80 +/- Acres This exceptional, nearly all tillable inside farm lays level with eye appeal, located on a paved road. According to Surety AgriData, it consists primarily of Class II soils and has a soil rating of 87.2. Per the FSA office, the farm has 78.58 cropland acres. There are two active wind towers located on this farm with no future payments. Tract 1 is rented for 2023, the buyer will receive a $21,216.60 rent credit at closing.
Description: 80 +/- Acres in the W ½ of the SE ¼ Sec. 15, T-110-N, R-46-W, Drammen Twp., Lincoln Co., MN

Tract 2 – 59.55 +/- Acres Per the FSA office, this exceptional inside farm is nearly all tillable with 58.13 cropland acres and has a strong productivity rating of 88.6, according to Surety AgriData. Tract 2 has 2.11 acres enrolled into CRP until 9/30/2037, which receives $552/annually. Tract 2 is rented until December 31, 2023; the buyer will receive a rent credit of $15,125.40 at closing. From the Hwy. 1 & 15 intersection, the farm is located 2 miles east on Hwy. 15 and ½ mile south on 140th Ave, or 3.5 miles north of Tract 1 on 140th Ave.
Description: 59.55 +/- Acres in the N ½ of the SW ¼, Sec. 34, T-111-N, R-46-W, Shaokatan Twp., Lincoln Co., MN

Tract 3 – 80 +/- Acres Per the FSA office, the farm has 70.41 cropland acres currently enrolled into CRP until 9/30/2027. The CRP contract produces an immediate annual cash flow of $15,236/annually or an average of $216.39/per acre enrolled. This farm has great access with a paved road on both sides, and is located on Hwy. 15, 1 ½ mile east of Hwy 1. The farm has a productivity rating of 75.9 according to Surety AgriData.
Description: S ½ of SE ¼ Sec. 28, T-111-N, R-46-W, Shaokatan Twp., Lincoln Co., MN

Tract 4 – 80 +/- Acres Per the FSA office, the farm has 37.06 cropland acres currently enrolled into CRP. The CRP contracts total $7,636/annually or an average $206.04/per acre enrolled. Additionally, there are 38 +/- acres fenced in, utilized for pasture grazing. The pasture has established fences and a natural water source. The new buyer will take possession of the pasture at closing. The farm is predominantly comprised of Class II soils with a rating of 71.7, per Surety AgriData. The farm is located on Hwy. 15, less than 1 mile east of Hwy. 1.
Description: E ½ of NE ¼ Sec. 32, T-111-N, R-46-W, Shaokatan Twp., Lincoln Co., MN

Description

Descriptions of tracts are posted within.

Terms

10% non-refundable earnest money deposit due day of sale with balance due on or before April 14th, 2023. Closing fees and title work is split 50/50 between buyer and seller. Tract 1 has two active wind towers through Allete Clean Energy that do not produce payments of any kind. The towers were constructed in 1998 with full payments made upfront. If new towers are constructed in the future, new payment programs may commence at that time and will be the rights on the new owners. The sellers do not warranty or guarantee that existing fences lie on the true & correct boundary and any new fencing, if any, will be the responsibility of the purchaser pursuant to MN statutes. New buyer will receive the 2023 rent payments upfront at closing, and will be responsible for the 2023 RE taxes. Estimated 2023 taxes per acre are approximately $22.78 for Tract 1, $26.07 for Tract 2, $13.95 for Tract 3, and $14.67 for Tract 4. Those figures are estimates per the county and are subject to change and not guaranteed, additional special assessments could apply. The new buyers will also begin to receive the full CRP payments starting in 2023. Future CRP payments are subject to any required midterm maintenance, contacts 11671A & 11672A on Tract 3 are due for mow or burn in 2023. Tract 3 also has a small burn pit located on it. This property is sold subject to easements and restrictions, if any, reservations and/or highways of record, and is sold subject to confirmation of owner. Information contained herein, and all statements made herein are believed to be accurate but not guaranteed. Buyers are responsible to conduct their own due diligence for any future uses and practices with the farm. Any announcements made the day of the sale take precedence over written materials. Auctioneers represent the seller and are to be held harmless in this transaction. Buyer or seller may elect to do a 1031 Exchange. Closing conducted through law firm, O’Neill, O’Neill, & Barduson Law of Pipestone, MN.

Owner

Charles Gackstetter, Tamra Hulsebus, Linda Kallevig

Additional Information

LAND BROKERAGE FIRM & AUCTIONEERS Burlage Peterson Auctioneers & Realtors, LLC Dustin, Tyler, Scott, Lenny, & Jim, Heather Office@burlagepeterson.com or 605-692-7102 Chuck Sutton Auctioneer & Land Broker, LLC Chuck & Jared Sutton, 605-336-6315