An interesting land auction will be held May 17 in Rapid City, S.D.
Former state Sen. Gordon Howie who ran unsuccessfully for governor last year will be auctioning a 2,485-acre ranch in Pennington County. When he ran for governor, it was disclosed that he owed more than $60,000 in back taxes. He has since sold other properties and reduced his debt. This sale will eliminate the debt and back taxes, Howie says.
The ranch that is being auctioned is located about 10 miles southeast of Rapid City, and includes pasture, a home, tillable land and ponds. It will be sold in 23 tracts, ranging from 37 acres to more than 329 acres, according to Murray Wise, president of company conducting the auction.
"When we sell land, we always seek to offer it in tracts of various sizes, because not everyone is in the market for 2,485 acres. In this case, 14 of the tracts will consist of less than 50 acres – most of them between 35 and 45 acres. And all are contiguous to other parts of the ranch. What that means is that bidders can make offers on just the properties that fit within their means and budgets," Wise says.
By offering in tracts and allowing bids on combinations of various sizes, the company opens the competition to more potential buyers, Wise says.
"Demand for agricultural land is very strong right now, and that has attracted hedge funds and other large investors. If we offered this ranch only as a whole, it might be more difficult for local farmers and investors to compete. But we put the bidders seeking just a few acres on a level playing field with those who are seeking to buy larger portions or even the entire property," Wise says.
The auction will begin at 11 a.m. It will be held at Comfort Suites, 1333 North Elk Vale Road, Rapid City, S.D. Individuals seeking additional information may contact the company at 800-607-6888 or visit www.murraywiseassociates.com auctioneer Murray Wise Associates.
Learn more by calling 800-607-6888 or visiting www.murraywiseassociates.com.