The Wright Family Land Auction
Union County Illinois
696+/- Acres
Tillable, Hunting, & a Quarry
Tract | Acres+/- | Tillable +/- |
1 | 67.6 | 41.18 Acres |
2 | 58.3 | 46.93 Acres |
3 | 33.7 | 22.01 Acres |
4 | 388.8 | 111.32 Acres |
5 | 142.4 | 57.96 Acres |
6 | 5.3 | 2.97 Acres |
Total | 696.1 | 282.37 |
May 18, 2024 Saturday 10:00 am
St Mary's Church Parish Hall – 402 Freeman St, Anna, IL 62906
Parcel Tax ID Numbers 06-29-04-944, 06-19-04-607, & 06-20-04-621
The Wright Family is pleased to present 696+/- acres of prime Illinois farmland, hunting land and quarry at public auction on Saturday, May 18, 2024 at 10:00am. The auction will be held at St. Mary's Church Parish Hall in Anna, IL. This expansive property, under longtime family ownership since 1939, will be offered in 6 individual tracts ranging from 5 to 388 acres.
The land features approximately 282 highly productive tillable acres. The non-tillable acreage provides excellent hunting and recreational opportunities. Tracts 1, 2, 3 and 6 are contiguous and total 165 acres, while Tracts 4 and 5 are standalone parcels of 389 and 142 acres respectively.
In addition to the tillable land, the property contains approximately 275 acres of quality merchantable timber, adding significant value for buyers. A March 2024 timber assessment by consulting forester Eric Holzmueller estimates the total timber value at $330,000. The timber resource includes mature black walnut, poplar, hickory, oak, sycamore, maple, and ash, with Tracts 4 and 5 holding the majority of the timber value at $177,000 and $105,000 respectively. Timber quality is average to above average for the area.
The property also includes an active limestone quarry famous for producing some of the highest quality agricultural lime in the nation. The quarry has been leased and operated since 1964 and is currently being ran by Shawnee Stone. With robust demand for crushed limestone in the construction and agriculture sectors, this presents a unique value-added component for buyers.
Bidding will utilize the multi-par method, allowing buyers the choice to bid on any individual tract, combination of tracts, or the entire property. Final price is subject to seller confirmation. A 10% down payment is due within 24 hours of the auction, with closing to follow on or before July 16, 2024. Seller will provide clear title at closing. 2023 and prorated 2024 real estate taxes will be credited to buyer at closing. A 5% Buyers Premium will be added to the high bid to establish the contract price.
This is a once-in-a-generation opportunity to acquire a substantial and diverse Southern Illinois land holding with strong income potential from farming, timber, recreation and mineral extraction. Contact Joe Ollis Real Estate & Auction for complete terms, additional information, and to arrange a private preview of the property. Maps, photos, soil, and quarry production data are available at www.ollisauction.com.
Limestone Quarry Operation and Income
The property has an active limestone quarry that has been leased to various operators since 1963. The current operator, Shawnee Stone, LLC, has been managing the quarry since 2007. The quarry encompasses approximately 105 acres, with 35 acres dedicated to the mine pit, 25 acres for plant operations, stockpiles, and maintenance, and 45 acres for mine spoil areas and auxiliary purposes.
The mining process involves clearing overburden, using dynamite to free limestone from the highwall, and then crushing and processing the material in the on-site plant. Shawnee Stone produces a variety of products, including high calcium limestone, fluegas desulphurization limestone, construction aggregate, ag-lime, and rip-rap.
The quarry primarily targets the Ullin Limestone formation, which is approximately 200 feet thick in the area. Based on the estimated resource tonnage, considering a continued eastward advance into the upland area, the quarry has a total resource of 36,860,000 tons and a reserve of 33,170,000 tons.
The underlying Fort Payne Formation, which contains chert or silica lenses and is less pure than the Ullin Limestone, is exposed in the quarry floor. However, the current operation aims to target the purer Ullin Limestone for the foreseeable future.
The royalty fee structure outlined in the lease document is as follows:
1. Base Royalty: The lessee agrees to pay the lessors a base royalty of five cents for each ton of 2000 pounds of limestone mined or quarried on the leased premises and shipped to a purchaser.
2. Additional Royalty: If the selling price received by the lessee, f.o.b. the quarry, exceeds $2.00 per ton, the lessee agrees to pay an additional royalty of 10% of the excess price over $2.00 per ton. However, this additional royalty will not exceed 10 cents per ton.
3. Quarterly Payments: Both the base royalty and any additional royalty are payable quarterly, on or before the 25th day following the end of each calendar quarter.
4. Annual Payment: Additionally, the lessee shall pay the lessors $5,000.00 each calendar year the lease remains in effect, which will be credited against the royalties due for that year if applicable.
Farm Operation and Income
The property consists of two FSA tracts (Tract 10601 and Tract 10602) and is farmed by local farmers who have a long-standing verbal agreement with the owners. The Eddleman Farms receive a 66.66% share of the crop sales, while the owners receive a 33.33% share. The Eddleman Farms plant, fertilize, and harvest corn and soybean crops on the cleared and tillable land of the property. According to the FSA report, the total cropland on the farm is 282.36 acres, with 209.18 acres on Tract 10601 and 73.18 acres on Tract 10602.
Crop sales receipts from 2018 to 2023 indicate that the harvested crops have been sold to CGB and Bunge Chevron. The following tables summarize the corn and soybean bushels sold and sale prices for the given periods.
The property has yielded an annual average of 11,526 bushels of corn and 5,293 bushels of soybeans. 2024 plan is to plant Soybeans in Tracts 1 through 4 and Corn in Tracts 5 & 6.
AUCTION TERMS & CONDITIONS
PROCEDURES: In Person Bidding will take place May 18, 2024 Saturday, at 10:00 AM. The Property will be offered using the Multi-Par method of sale, whereas the high bidder can purchase either individual tracts, combination of tracts, or the property as a whole. Bidding will remain open until the close of the auction as determined by the Auctioneer. Bidding will be on a lump sum dollars per tract basis (i.e., versus bidding per acre).
The Online Bidding portion of the auction will take place Live Online May 18, 2024 Saturday, at 10:00 AM. The Property will be offered in 6 individual tracts and the property as a whole. Bidding and livestream viewing will be available at www.ollisauction.com. Bidding will remain open on individual tracts and the whole property until the close of the auction as determined by the Auctioneer. Bidding will be on a lump sum dollars per tract basis (i.e., versus bidding per acre).
REGISTRATION: Online bidders are required to register at ww.ollisauction.com on or before Noon CDT on Friday, May 17, 2024. Once the online registration form is filled out it will be automatically sent to Joe Ollis Real Estate & Auction, LLC for approval to allow bidding. Auction company may request a letter of recommendation from prospective bidder’s financial institution stating funds are available for the 10% deposit and that bidder has the financial capacity for final purchase.
ACCEPTANCE OF BID PRICES: The successful high bidder(s) will enter into a Real Estate Purchase Contract immediately following the close of bidding for presentation to the seller. Final bid price is subject to approval or rejection by seller.
DOWN PAYMENT: A 10% non-refundable down payment of the total contract purchase price will be due within 24 hours of the close of the auction from the winning bidder. The down payment may be paid in the form of cash, check, or wire transfer and held by Joe Ollis Real Estate & Auction, LLC. Should the winning bidder not be approved by the Seller, the down payment shall be returned to Bidder as soon as practicable. The balance of the contract price will be due at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING.
CLOSING: The closing shall take place on or before July 16, 2024.
POSSESSION: Possession will be given at closing, subject to existing leases.
TITLE: Seller will provide a proper deed conveying merchantable title to the real estate to the successful buyer free and clear of liens.
BUYER’S PREMIUM: A five percent (5%) Buyers Premium will be added to the high bid to establish the contract price.
REAL ESTATE TAXES & INCOME: The 2023 calendar year taxes due and payable in 2024 and prorated 2024 (January 1st to the date of closing) calendar year taxes due and payable in 2025 shall be paid by the Seller, in the form of a credit at closing. The most recent tax figures available will be used to determine the amount of the credit. The remaining taxes and beyond will be the responsibility of the Buyer(s). Fifty percent (50%) 2024 farm expenses shall be the responsibility of the Buyer and fifty percent (50%) 2024 income shall be retained by Buyer.
SURVEY: At the Seller’s option, the Seller shall provide a new survey where there is no existing legal description sufficient to convey title. Any need for a new survey shall be determined solely by the Seller unless such surveys are required by State or local law. The cost of the survey shall be paid 50/50 between buyer and seller. The type of survey performed shall be at the Seller’s option and sufficient for providing the transfer of merchantable title.
MINERAL RIGHTS: The sale shall include any and all mineral rights owned by the Seller.
ACREAGES: All acreages are approximate and have been estimated based upon current legal descriptions, FSA records and aerial mapping software.
EASEMENTS & LEASES: The sale is subject to any and all easements and leases of record.
DISCLAIMER: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller, Joe Ollis Real Estate & Auction, LLC. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the Seller, Joe Ollis Real Estate & Auction, LLC. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Conduct at the final round of bidding and increments of bidding are at the direction and discretion of the seller’s agent. The Seller, Joe Ollis Real Estate & Auction, LLC reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. Under no circumstances shall Bidder have any kind of claim against Joe Ollis Real Estate & Auction, LLC or anyone else if the internet service fails to work correctly before or during the auction.
AGENCY: Joe Ollis Real Estate & Auction, LLC and its representatives are exclusive agents of the Seller.
SELLER: L. W. Wright Trust, M. L. Wright Trust, & Robert Wright
