Wayne County, IA
552.45 Acres M/L

Raccoon Road |
Cambria, IA 50060 |
Listing #16367

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Property Info

Description

Peoples Company is honored to be representing The Estate of Wayne E. Thomas & The Thomas Family in this ‘No-Reserve’ Auction of 552.45 acres m/l of the family farm located near Cambria, Iowa. The late Roy & Lela Thomas began to assemble much of this farmland back in the 1930’s and 1940’s. Along with their two sons, Doyle and Wayne, and their families, the Thomas Family began a family farming operation that has spanned well over 80 years.

Nine tracts ranging in size from 29.34 acres m/l to 188.37 acres m/l will be offered presenting a unique opportunity for you to assemble high quality farmland and pasture land located in a tightly held area of Wayne County, Iowa that has not been available to the public in many years.

The way this farm is subdivided offers something for everyone, including the smaller, medium, and large tract buyers. Create the best combination of tracts that offers the optimum purchase for your operation. This is a rare opportunity to assemble good quality tillable ground, hay ground, and building site locations that best fit your needs and at your price.

These tracts will be offered via a live Public Auction that will take place at 10:00 AM on Friday, October 14, 2022, at the Wayne County Fair Event Center located at 800 2nd Avenue in Corydon, Iowa. The land will be sold as nine individual tracts with Tracts 1, 2, 3, 4, 5, 6, 7 and 8 using the "Buyer’s Choice" auction method on a price per acre basis and the high bidder can take, in any order, any or all tracts for their high bid. "Buyer's Choice" auctioning will continue until all tracts have been purchased and removed from the auction. Tract 9 will be sold individually and on a “whole dollar amount” basis. Tracts will not be offered in their entirety at the conclusion of the auction. This auction can also be viewed through the Peoples Company mobile bidding app and online bidding will be available.

Directions

Tracts 1-4:

Beginning in Cambria, Iowa, travel east on County Highway J22 for approximately one mile to 100th Street. Travel south on 100th Street for approximately 1.5 miles. Tracts 1,2,3 and 4 will be located along both sides of 100th Street. Look for Peoples Company auction signs.

Tract 5:

Beginning in Cambria, Iowa, travel south on 90th Street for approximately two miles to Quail Run Road. Tract 5 will be located at the southeast corner of the intersection of Quail Run Road and 90th Street. Look for Peoples Company auction signs.

Tracts 6-9:

Beginning in Cambria, Iowa, travel west on Summit Road for approximately one mile to 90th Street. Travel south on 90th Street for approximately 0.5 miles to Raccoon Road. Travel west on Raccoon Road for approximately 0.5 miles. Tracts 6,7,8 and 9 will be located along both sides of Raccoon Road. The local address for Tract 9 is 1632 Raccoon Road, Humeston, Iowa 50123.

Sign On Property: Yes
MLS Number: 659664
Parcel Number: Multiple
School District: Wayne Community
General Area: Cambria
Online Bidding: Yes
Auction Date: Oct 14, 2022
Terms: Cash

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Auction Details

#16367 Wayne County Auction Terms & Conditions

Sellers: The Estate of Wayne E. Thomas & The Thomas Family

The executor of the Estate of Wayne E. Thomas:
Gary W. Thomas

Attorneys for the Estate of Wayne E. Thomas:
Jenna K. Lain, Attorney at Law
Raymond C. Meyer, Attorney at Law
Meyer & Lain Corydon, Iowa 50060

Attorney for the Thomas Family:
Alan M. Wilson, Attorney at Law
Miles Law Firm Corydon, Iowa 50060

Auction Location:
Wayne County Fair Event Center
800 2nd Avenue
Corydon, Iowa 50060

Auction Method: Tracts 1, 2, 3, 4, 5, 6, 7, and 8 will be sold on a price per acre basis and will be offered through the marketing method of “Buyer’s Choice”, where the high bidder can take, in any order, any or all tracts for their high bid. “Buyer’s Choice” auctioning will continue until all tracts have been purchased.

Tract 9 will be offered individually and will sell on a “Whole Dollar” amount basis. These tracts will not be offered in their entirety at the conclusion of the auction.

Tract 1: 40 Acres M/L

Tract 2: 40 Acres M/L

Tract 3: 31.13 Acres M/L

Tract 4: 188.37 Acres M/L

Tract 5: 44.17 Acres M/L

Tract 6: 45.59 Acres M/L

Tract 7: 78.91 Acres M/L

Tract 8: 54.94 Acres M/L

Tract 9: 29.34 Acres M/L

Farm Program Information: Farm Program Information is provided by the Wayne 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 farms are reconstituted by the Wayne 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 a good check or wire transfer. All funds will be held in the Meyer & Lain Trust Account.

Closing: Closing will occur on or around Thursday, December 1, 2022. The balance of the purchase price will be payable at closing in the form of certified check or wire transfer. With respect to the timing of the Seller and successful Buyer(s) in fulfilling the obligations set forth in the Real Estate Sale and Purchase Agreement, time is of the essence.

Possession: Possession of the farm will be given at closing, subject to the current tenant’s rights.

Farm Lease: Tracts 2 and 3 are rented for pasture for the 2022 grazing season. These leases expire at the end of the 2022 grazing season. Tracts 1 and 4 are being custom farmed by the Sellers. The Sellers will retain full possession until all harvesting of the crops has been completed. When harvest is completed, the Buyer(s) will have full possession of Tracts 1 and 4. Tracts 5,6,7,8,9 have open leases.

CRP Payments: The buyer will receive the full 2023 CRP contract payment from10/1/2022 - 9/30/2023 on Tracts 4 and 7.

Survey Information: Tracts 3,5,6,7,8, and 9 have been surveyed to determine the property boundaries and actual gross acres to be sold. If any of the tracts sell to different Buyers, then Sellers will pay for the surveyor to put minimal stakes in the tract splits to identify new boundaries. Any additional staking will be at the expense of the Buyer(s) of each tract. Tracts 1,2, and 4 will be sold based on current legal descriptions in the abstracts.

Contract & Title: Immediately upon conclusion of the auction, the high bidder(s) will enter into a real estate sales contract and deposit with Meyer & Lain the required earnest money payment. The Seller will provide a current abstract at their expense. Sale is not contingent upon Buyer obtaining financing after the auction is over. All financial arrangements are to have been made prior to bidding at the auction. Transfer of title on the Estate owned land will be made by Court Officer Deed. The Estate Auction is subject to final court approval.

Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number in order to bid at the auction. Online and phone bidders must register with the Auctioneer at least 24 hours prior to the start of the auction.

Driveway Entrances: Each tract currently has its own separate driveway entrance off of the gravel roads. If the new owner(s) of any tract elect to install a new driveway entrance or widen any current driveway entrance then that owner will be responsible for installing them per the Wayne County Engineer’s Office plans and specifications. Any and all costs associated with the installation of new driveway entrances or widening of entrances, if needed, will be at the sole expense of the new Buyer(s) of each tract. The Sellers will not install any new driveway entrances or widen any of the existing driveway entrances.

Fences: Existing fences, if any, are in as-is condition and will not be updated. Not all property lines have fences installed. No new fences to divide any of the tracts will be installed by the Sellers. All current and any future fences and fence lines shall be governed by the Wayne County and State of Iowa fence line rules and regulations. Existing fence lines may not be located on the true boundary lines.

House & Septic System: The property and house located on Tract 9 will be sold on an “as is, where is” basis with no warranties or guarantees, expressed or implied, made by the auctioneer, seller, or Peoples Company. Since the property is owned by an Estate, the Seller is exempt from the Time of Transfer requirements. Should a Buyer want to repair, perform maintenance, or replace the septic system, it will be at their sole expense and responsibility.

Site Cleanup: If a site clean-up is required on any of the tracts, it will be the new Buyer’s responsibility and at Buyer’s expense.

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 abstracts.

Location

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Tract 1 Corydon, IA 50060

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Description

Tract 1 totals 40 acres m/l with 35.15 FSA NHEL tillable acres currently in crop production. Tillable acres carry a CSR2 soil rating of 74.9; the average for Wayne County tillable soils is 50.7. Farmland acres are designated as NHEL (Non-Highly Erodible Land) and do not include a conservation plan. Tract 1 is located in Section 33 of Washington Township in Wayne County.

FARM PROGRAM INFORMATION:
Cropland Acres: 35.15
FSA Farm #: 1455
FSA Tract #: 781
All FSA information, including cropland acres, is subject to change when the farm is reconstituted by the Wayne County FSA Office and NRCS Office. All figures shown are just estimates. Please refer to the current FSA 156 and maps for more information. No conservation plan is available.

Legal Description

Exact legal description will be taken from Abstract.

Details

Acres: 40.00 Acres M/L
Parcel Number: 020P33400004
Net Taxes: $950.00

Directions

Beginning in Cambria, Iowa, travel east on County Highway J22 for approximately one mile to 100th Street. Travel south on 100th Street approximately 1.5 miles. Tracts 1,2,3 and 4 will be located along both sides of 100th Street. Look for Peoples Company auction signs.

Tract 2 Corydon, IA 50060

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Description

Tract 2 totals 40 acres m/l with 34.42 FSA tillable acres currently in pasture land that carries a CSR2 soil rating of 51.6. Tract 2 is located in Section 33 of Washington Township in Wayne County.

FARM PROGRAM INFORMATION:
Cropland Acres: 34.42
FSA Farm #: 1455
FSA Tract #: 781
All FSA information, including cropland acres, is subject to change when the farm is reconstituted by the Wayne County FSA Office and NRCS Office. All figures shown are just estimates. Please refer to the current FSA 156 and maps for more information. A preliminary conservation plan is available to view. Please contact the listing agents for more information.

Legal Description

Exact legal description to be taken from Abstract.

Details

Acres: 40.00 Acres M/L
Parcel Number: 020P33400002
Net Taxes: $646.00

Directions

Tract 3 Corydon, IA 50060

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Description

Tract 3 totals 31.13 surveyed acres m/l with 8.77 FSA tillable acres carrying a CSR2 soil rating of 65. This tract offers great recreational opportunities and building site opportunities with incredible scenic views to the south. A rural water pit is installed on the property and the service is inactive at this time. Electric is available at the road. This property is currently used for pasture, but has some productive tillable soils that have been farmed in the past. Tract 3 is located in Section 34 of Washington Township in Wayne County.

FARM PROGRAM INFORMATION:
Cropland Acres: 8.77
FSA Farm #: 1455
FSA Tract #: 781
All FSA information, including cropland acres, is subject to change when the farm is reconstituted by the Wayne County FSA Office and NRCS Office. All figures shown are just estimates. Please refer to the current FSA 156 and maps for more information. A preliminary conservation plan is available to view. Please contact the listing agents for more information.

Legal Description

Exact legal description to be taken from Abstract.

Details

Acres: 31.13 Acres M/L
Parcel Number: Part of Parcel 020Q34100003 and 020Q34100004
Net Taxes: $581.00

Directions

Tract 4 Corydon, IA 50060

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Description

Tract 4 totals 188.37 acres m/l with an estimated 160.29 FSA NHEL tillable acres. This tract carries a CSR2 soil rating of 72.9 on the tillable soils compared to the Wayne County average CSR2 soil rating of 50.7. There are currently an estimated 115 acres m/l currently in crop production with an estimated 8.5 acres m/l currently in hay ground. Of the 160.29 FSA tillable acres m/l there are currently 29.73 acres enrolled in CRP paying $296.82 per acre with an annual payment of $8,824 that expires in 2032. This is an incredible investment opportunity with this highly tillable income-producing farm. Tract 4 is located in Section 34 of Washington Township in Wayne County.

FARM PROGRAM INFORMATION:
Cropland Acres: 160.29 Estimated
CRP Acres: 29.73 paying $296.82/acre with an annual payment of $8,824 expiring in 2032
FSA Farm #: 1455
FSA Tract #: 781
All FSA information, including cropland acres, is subject to change when the farm is reconstituted by the Wayne County FSA Office and NRCS Office. All figures shown are just estimates. Please refer to the current FSA 156 and maps for more information. No conservation plan is available

Legal Description

Exact legal description to be taken from Abstrac.

Details

Acres: 188.37 Acres M/L
Parcel Number: 020Q34300001,020Q34300002,020Q34300004,020Q34300003, and Part of Parcels 020Q34100003 and 020Q34100004
Net Taxes: $4,170.00

Directions

Tract 5 Corydon, IA 50060

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Description

Tract 5 totals 44.17 surveyed acres m/l with an estimated 33.19 FSA tillable acres carrying a CSR2 soil rating of 41.4 on the tillable soils. This tract is currently in hay ground and has been farmed in the past. This mixed-use farm features big timbered fence lines and draws one pond, and an estimated 33 acres currently seeded to hay. There are many excellent recreational opportunities and building site locations with scenic views along with rural water and electric located nearby. Tract 5 is located in Section 4 of Benton Township in Wayne County.

FARM PROGRAM INFORMATION:
Cropland Acres: 33.19
FSA Farm #: 241
FSA Tract #: 624
All FSA information, including cropland acres, is subject to change when the farm is reconstituted by the Wayne County FSA Office and NRCS Office. All figures shown are just estimates. Please refer to the current FSA 156 and maps for more information. A preliminary conservation plan is available to view. Please contact the listing agents for more information.

Legal Description

Exact legal description to be taken from Abstract.

Details

Acres: 44.17 Acres M/L
Parcel Number: 060C04100001
Net Taxes: $538.00

Directions

Tract 7 Humeston, IA 50123

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Description

Tract 7 totals 78.91 surveyed acres m/l with an estimated 63.83 FSA tillable acres carrying a CSR2 soil rating of 56.9 on the tillable soils. There are currently 20.33 acres enrolled in CRP that will expire on September 30, 2022, which will then allow an estimated 59 acres m/l available to be farmed in 2023. Tract 7 will continue to have 5.04 acres enrolled in CRP buffers paying $239.95 per acre for a total annual payment of $1,209 expiring in 2027. This farm has good quality production acres along with exciting recreational opportunities and a nice pond. Tract 7 is located in Sections 30 and 31 of Washington Township in Wayne County.

FARM PROGRAM INFORMATION:
Cropland Acres: 67.17
CRP Acres: 5.04 paying $239.95/acre for a total annual payment of $1,209 expiring in 2027
FSA Farm #: 241
FSA Tract #: 623
All FSA information, including cropland acres, is subject to change when the farm is reconstituted by the Wayne County FSA Office and NRCS Office. All figures shown are just estimates. Please refer to the current FSA 156 and maps for more information. A preliminary conservation plan is available to view. Please contact the listing agents for more information.

Legal Description

Exact legal description to be taken from Abstract.

Details

Acres: 78.91 Acres M/L
Parcel Number: 020N31100001 and Part of Parcel 020N30300003
Net Taxes: $1,680.00

Directions

Tract 8 Humeston, IA 50123

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Description

Tract 8 totals 54.94 surveyed acres m/l with an estimated 52.46 FSA tillable acres carrying a CSR2 soil rating of 54.3 on the tillable soils. This tract is currently in hay ground with the potential to be a highly tillable farm with over 94% of the farm being income producing acres. Tract 8 is located in Section 30 of Washington Township in Wayne County.

FARM PROGRAM INFORMATION:
Cropland Acres: 52.46
FSA Farm #: 241
FSA Tract #: 623
All FSA information, including cropland acres, is subject to change when the farm is reconstituted by the Wayne County FSA Office and NRCS Office. All figures shown are just estimates. Please refer to the current FSA 156 and maps for more information. A preliminary conservation plan is available to view. Please contact the listing agents for more information.

Legal Description

Exact legal description to be taken from Abstract.

Details

Acres: 54.94 Acres M/L
Parcel Number: 020N30300001 and Part of Parcels 020N30300003 and 020N30300002
Net Taxes: $927.00

Directions

Beginning in Cambria, Iowa, travel west on Summit Road for approximately one mile to 90th Street. Travel south on 90th Street for approximately 0.5 miles to Raccoon Road. Travel west on Raccoon Road for approximately 0.5 miles. Tracts 6, 7, 8 and 9 will be located along both sides of Raccoon Road.

Tract 9 - 1632 Raccoon Road, Humeston, IA 50123

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Description

Tract 9 totals 29.34 surveyed acres m/l and has a 3 bedroom/1 bathroom ranch-style home located on it. This tract has a 30’ x 60’ cattle barn, a 52’ x 62’ pole barn and a 16’ x 24’ shed located on it. This property will sell in ‘As-Is Condition’. There are many opportunities for a new Buyer with this tract. The local address for Tract 9 is 1632 Raccoon Road, Humeston, Iowa 50123. Tract 9 is located in Section 30 of Washington Township in Wayne County.

An ‘Open House’ for Tract 9 will take place Saturday, September 24th, 2022 starting at 9:00 AM and ending at 12:00 PM.

FARM PROGRAM INFORMATION:
Cropland Acres: 0
FSA Farm #: 241
FSA Tract #: 623

All FSA information, including cropland acres, is subject to change when the farm is reconstituted by the Wayne County FSA Office and NRCS Office. All figures shown are just estimates. Please refer to the current FSA 156 and maps for more information. No conservation plan is available.

Legal Description

Exact legal description to be taken from Abstract.

Details

Acres: 29.34 Acres M/L
Parcel Number: Part of Parcel 020N30300002
Net Taxes: $925.00

Directions

Beginning in Cambria, Iowa, travel west on Summit Road for approximately one mile to 90th Street. Travel south on 90th Street for approximately 0.5 miles to Raccoon Road. Travel west on Raccoon Road for approximately 0.5 mile. Tracts 6, 7, 8 and 9 will be located along both sides of Raccoon Road. The local address for Tract 9 is 1632 Raccoon Road, Humeston, Iowa 50123.

Tract 6 Humeston, IA 50123

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Description

Tract 6 totals 45.59 surveyed acres m/l with an estimated 43.85 FSA tillable acres carrying a CSR2 soil rating of 50.5 on the tillable soils. This tract has 32.07 acres that will expire from CRP on September 30, 2022, making this a highly tillable farm with 95% of the acres available to be farmed by a new owner. Tract 6 is located in Section 30 of Washington Township in Wayne County.

FARM PROGRAM INFORMATION:
Cropland Acres: 43.85 estimated
FSA Farm #: 241
FSA Tract #: 623
All FSA information, including cropland acres, is subject to change when the farm is reconstituted by the Wayne County FSA Office and NRCS Office. All figures shown are just estimates. Please refer to the current FSA 156 and maps for more information. A preliminary conservation plan is available to view. Please contact the listing agents for more information.