SOURCE: McLemore Auction

McLemore Auction

October 10, 2011 15:33 ET

Franklin County Farmland Sale of $2.721 Million a Landmark for Nashville Auctioneer McLemore

NASHVILLE, TN--(Marketwire - Oct 10, 2011) - Thursday's sale of 811 acres of Franklin County farmland marked a milestone for Nashville auctioneer Will McLemore, and possibly for owners of Tennessee farmland. The land brought a total price of $2,721,000.

Bidders packed the Monterey Station in Cowan for the auction, in which McLemore partnered with Schrader Real Estate & Auction Company, of Columbia City, Ind. For more than two hours, bidders went back and forth, with some seeking to buy the entire 811 acres and others bidding on combinations of tracts. In the end, the property went to six different bidders, who purchased amounts of land ranging from 23 acres to 466 acres, according to McLemore.

"This was an important auction for McLemore Auction, because it's the biggest we've undertaken in our relatively short five-year history. Based on the outcome, I'm hoping we'll have more opportunities to sell Tennessee farmland, as farmers and landowners take note," said McLemore.

Partnering with Schrader, which pioneered the practice of auctioning land in tracts, was a key. "I knew that Schrader's experience would serve us well. By dividing the land into tracts, we were able to create a vigorous competition between bidders who wanted to buy the entire property and those who wanted just a few acres," he said. "In addition, we were able to attract bidders not only locally, but also from Alabama, Indiana, Illinois and North Carolina. The six successful bidders came from three different states -- Tennessee, Alabama, and Illinois," he said.

Prices on agricultural land have been strong across the board as more investors have sought to incorporate it in their portfolios due to its consistent performance over time. "The Southeast has lagged behind the Midwest, where prices have risen 17 to 20 percent over the past year. But it's coming South, and based on what happened Thursday, I'd say we're seeing substantial out-of-state as well as local interest in Tennessee farmland," said McLemore.

Individuals seeking addition information on McLemore Auction may call 615-517-7675 or visit mclemoreauction.com. Those seeking additional information on Schrader may call 800-451-2709.

Contact Information

  • Contact:
    Carl Carter
    205-823-3273