Argyle, IA 52619 - Lee County

Thursday, March 7, 2024 - 10:00 AM Central

Auction to be conducted as a virtual, online auction. If you need assistance with internet bidding, please contact our office at (844) 847-2161

LOCATION

Lee County, Iowa

The Mitchell Farm is located 5 miles south of Argyle, IA on US Highway 27 (Avenue of the Saints) to Belfast Road, then turn right or northwest and proceed 2 miles to the farm, or from St. Francisville, Missouri, proceed north across the Des Moines River to Belfast Road, then turn left or northwest and proceed 2 miles to the farm. The farm is further described as being located in Sections 19, 20, 29 & 30, Des Moines Township, Lee County, Iowa.

SELLER

James R. Mitchell Family Trust

Dr. Idol Mitchell - Trustee

MANAGED BY

Jeff Hoyer (319) 759-4320

Dan Sullivan (844) 847-2161

Colette Kennedy (309) 360-1226

GENERAL INFORMATION

425 Acres (subject to survey) 4 Tracts

Attention farmers & investors! Mark your calendars for this fast approaching Lee County, IA real estate auction. The Mitchell farm offers highly productive soils with Tract 2 having a CSR2 near 90! This farm is 90%+ tillable with Tracts 1 & 2 being nearly 100% tillable. Don't miss this opportunity to add quality farm ground to your current operation.

TRACT INFORMATION

TRACT 1 - 38 ACRES (subject to survey)

FSA indicates approximately 37.0 cropland acres

CSR2 is 80.8!

Major soil types are Festina and Bertrand

Access is in the northeast corner off of Belfast Road

TRACT 2 - 64 ACRES (subject to survey)

FSA indicates 63.02 cropland acres

CSR2 is 89.6!

Major soil type is Festina

Access is along the southwest side off of Belfast Road

TRACT 3 - 221 ACRES (subject to survey)

FSA indicates 215.71 cropland acres of which 24.01 acres are enrolled in CRP (CP38E-4D) at a rental rate of $183.97 expiring 9-30-2037. The total annual payment is $4,417.00.

CSR2 is 75.9!

Major soil types are Festina, Okaw, Sparta and Koszta

Access is in the northwest corner off of Belfast Road

TRACT 4 - 102 TAXABLE ACRES

FSA indicates 95.33 cropland acres

CSR2 is 45.4

Major soil types are Sparta and Colo

Access is on the west off of Belfast Road

METHOD & TERMS

The Mitchell Farm will be sold in four (4) individual tracts. All four (4) tracts will sell on a price per acre basis, based upon a survey that is currently in progress. Surveyed acres will be used to constitute the final settlement price on Tracts 1, 2 & 3. Taxable acres will be used to constitute the final settlement price on Tract 4. All four (4) tracts will be offered through the marketing method of Buyers Choice whereas the high bidder may elect any or all tracts for their high bid. Buyers Choice will continue until all four (4) tracts have been elected. The tracts will NOT be offered in their entirety at the conclusion of the auction.

Immediately following the auction, the successful buyer(s) will be required to sign a real estate sales contract and pay ten percent (10%) of the purchase price as a non-refundable down payment which will be held in escrow until closing. The balance of the purchase price will be due at closing, which will take place on or about April 22, 2024, upon delivery of a merchantable abstract and deed. The real estate taxes will be prorated to the date of closing. Possession will be given at the time of closing, subject to the current 50/50 crop share lease. Buyer(s) of each tract will be responsible for 50% of the inputs for their respective tract(s) at the time of closing and receive 50% of the crop at harvest. Contact the auction company for further lease details.

Bidding is NOT subject to any contingencies, including but not limited to financing, an appraisal or inspection of the property.

All announcements made sale day take precedence over prior advertising either written or oral. The information in our brochure, in our advertisements and on our website is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines drawn on maps, photographs, drone video, etc. are approximate. Buyers should verify the information to their satisfaction. There are no expressed or implied warranties made by the seller or Sullivan Auctioneers, a BigIron company, pertaining to this property. Real estate is being sold AS IS.

James R. Mitchell Family Trust

Dr. Idol Mitchell - Trustee

Representing Attorney:

Elaine Fehseke Gray | Fehseke & Gray Law Offices

1023 Ave G, Fort Madison, IA 52627 | (319) 372-7181

Auction Managers:

Jeff Hoyer (319) 759-4320

Dan Sullivan (844) 847-2161

Colette Kennedy (309) 360-1226