SOURCE: Westchester Auctions
October 21, 2010 14:02 ET
Southwest Kansas Farmland, Mineral Rights Sell for $3.474 Million in Auction
GARDEN CITY, KS--(Marketwire - October 21, 2010) - Approximately 3,552 acres of Southwest Kansas farmland and associated mineral rights sold for $3,474,000 Wednesday as 60 bidders turned out to bid on dryland, irrigated cropland, pasture and mineral rights.
"We had an excellent turnout, with well over 120 people in attendance, and we were glad to get strong results for the Nelle Beach Trust, which is liquidating its holdings," said Scott Shuman, vice president of Westchester Auctions. The auction was held in cooperation with Schrader Real Estate & Auction Company.
"The 842 acres of dryland sold for an average of just over $1,500 per acre, reflecting strong demand. The mineral rights associated with part of the land sold for $350,000. Overall, we found solid demand that translated into fair market prices for the seller," said Shuman. The land and mineral rights were offered in 30 tracts, ultimately selling to eight different bidders.
Schrader and Westchester will hold a second auction of 5,600 acres of tillable cropland Tuesday, Oct. 26. Information on that auction is available at www.schraderauction.com or by calling 800-451-2709.
Westchester also will auction the 92,312-acre Big West Ranch in Natrona County, Wyo., on Thursday, Nov. 4. Information about that sale is available at www.westchester-auctions.com or by calling 217-352-6000.
Westchester is currently in the process of changing its name to Murray Wise and Associates, following the sale of its land management operations to the Teachers Insurance & Annuity Association of America (TIAA).
The company specializes in the sale of recreational land, farmland, timberland, and other types of property throughout the United States. More auction information.