Boone County, IA
91.53 Acres M/L

320th Street
Madrid, IA 50156
Listing #16264


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Property Info


Boone County, Iowa Farmland Auction – Mark your calendar for Friday, August 12th! Peoples Company is pleased to be representing the Estate of Vera F. Myers in the sale of 91.53 total acres m/l located in southeast Boone County between the towns of Madrid and Slater, Iowa. This farm, known as the "Hatgrove Farm" that dates back to the 19th Century, has been a long-time family heirloom of the Myers family. The farmland will be offered as a single tract via public auction. The auction will take place at 10:00 AM at the Slater Log Cabin in Nelson Park at 305 Benton Street in Slater, Iowa.

Located in a strong farming community, this nearly 100% tillable farm includes 91.70 FSA cropland acres carrying a CSR2 soil rating of 84.2 with top-producing soils of Webster clay loam, Nicollet loam, and Clarion loam. Farmland acres are considered NHEL (Non-Highly Erodible Land) and do not include a conservation plan. Currently, there are 89.56 acres being farmed. This tract would make for a great add-on unit to an existing farm operation or investment-grade quality land purchase. Tile maps have not been made available, but seven tile intakes have been located across this farmland tract (See attached Tile Intake Map). Several competing grain marketing options are located nearby including ethanol plants and a variety of grain elevators with close proximity to U.S. Highway 30 and Iowa Highways 210 and 144. Additionally, the property lies just east of Madrid, Iowa within Sections 27 and 28 of Garden Township. Utilities have been extended to the area with 3" water line, available through Xenia Rural Water, located along the south side of 320th Avenue and electric service is available through Midland Power Cooperative.

Legal Description

The East 20 Acres of the Northeast Quarter of the Northeast Quarter and the East 20 Acres of the Southeast Quarter of the Northeast Quarter in Section Twenty-eight (28), AND the East Half of the Northwest Quarter EXCEPT Parcels A, B, C & D in Section Twenty-seven (27), ALL in Township Eighty-two (82) north, Range Twenty-five (25) West of the 5th P.M., Boone County, Iowa. Exact legal description to be taken from Abstract.


From Madrid, Iowa: Travel east out of town for approximately 3.25 miles on State Highway 210 and turn left (north) onto Violet Avenue. Continue for 1 mile and turn left (west) onto 320th Street and continue for approximately 0.50 miles. The farm is on the south side of the road. Look for the Peoples Company sign.

From Slater, Iowa: Travel west out of town for approximately 3 miles on State Highway 210 and turn right (north) onto Violet Avenue. Continue for 1 mile and turn left (west) onto 320th Street and travel for approximately 0.50 miles. The farm is on the south side of the road. Look for the Peoples Company sign.

  • Sign On Property: Yes
  • MLS Number: 655852
  • Parcel Number: 088225281100001; 088225281400001; 088225272200005; 088225272300002
  • School District: Madrid Community School District
  • General Area: East of Madrid, Iowa and West of Slater, Iowa
  • Gross Taxes: $2,970.00
  • Online Bidding: Yes
  • Auction Date: August 12, 2022
  • CSR2: 84.20
  • Possession: At Closing, Subject to Tenant's Rights
  • Terms: Cash / Conventional

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Auction Details

Boone County, Iowa Land Auction
91.53 Acres M/L
Friday, August 12th, 2022 at 10:00 AM

Auction Location:
Slater Log Cabin (Nelson Park)
305 Benton Street
Slater, Iowa 50244

Seller: Estate of Vera F. Myers

Representing Attorney: Lee Johnson at Johnson Law Office

Online Bidding: Register to bid at

Auction Method: The farmland will be sold as one individual tract on a price per acre basis to the High Bidder.

Farm Program Information: Farm Program Information is provided by the Boone County Farm Service Agencies. The figures stated in the marketing material are the best estimates of the Seller and Peoples Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc. are subject to change when the farm is reconstituted by the Boone County FSA and NRCS offices.

Earnest Money Payment: A 10% earnest money payment is required on the day of the auction. The earnest money payment may be paid in the form of cash or check. All funds will be held in Peoples Company’s Trust Account.

Closing: Closing will occur on or before Friday, September 30th, 2022. The balance of the purchase price will be payable at closing in the form of cash, guaranteed check, or wire transfer.

Possession: Possession of the farm will be given At Closing, Subject to Tenant's Rights.

Farm Lease: The farm is leased for 2022 and Seller will retain all 2022 farm income.

Contract & Title: Immediately upon conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit with Peoples Company the required earnest money payment. The Seller will provide a current abstract at their expense. Sale is not contingent upon Buyer financing.

Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number in order to bid at the auction.

Other: This sale is subject to all easements, covenants, leases, and restrictions of record. All property is sold on an “As is – Where is” basis with no warranties, expressed or implied, made by the Auctioneer, Peoples Company, or Seller. All bids will be on a per acre basis. Peoples Company and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. Any announcements made auction day by the Auctioneer or Listing Agents will take precedence over all previous marketing material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final.

Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Peoples Company. Overall tract acres, tillable acres, etc. may vary from figures stated within the marketing material. Buyer should perform his/her own investigation of the property prior to bidding at the auction. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from Abstract.


Interactive Map

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