In Coop with Lender - c 1770 Farm - Sells Above $860K Bid
Cumberland, VA

Auction/Sale Date and Time

  • Under Contract

Property Location

302 Putney Rd
Cumberland, VA 23040

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Auction Location

302 Putney Rd
Cumberland, VA 23040

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Appt Only, Call for Time:
9/24 & 10/1 starts at 1pm
10/12 starts at 2pm
10/17 from 11am-12:30pm

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Property Information Package

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Property Number

FX1882

Property Type

Residential Real Estate -
Single Family

Description

    In Cooperation with Lender - c 1770 Allendale Farm with Multiple Homes/Barns in 3 Tracts - Sells with $860,000 Total Bid Plus Buyer's Premium
    • 454+/- Acres Formerly Appraised for $2,541,600 and Last List Price of $1,750,000
    • 122+/- Acre parcel with home * 221+/- Ac parcel with manor home, 2 large barns, outbuildings and ponds * 111+/- Ac parcel of farm land
    • Centrally located one hour from Richmond, Lynchburg or Charlottesville
    • Formerly a Black Angus Farm and Hay Production Operation - Two current farm leases

    Back in 1777, at the birth of our nation, the Allen Family farm, "Allendale", spanned 4,000 acres across what is now Cumberland County, with a manor house where their 9 children were raised. Over the generations, pieces of the farm were deeded over to heirs.

    Allendale Farm is now 4 contiguous tax parcels that will be sold in 3 tracts at on-site public auction, offered individually and in combinations as bidders choose.

    Current Tax Parcels:

    4 tax parcels: (listed in order by acreage, high to low, and numbered for easy reference)
    1. 083 A 5 297.4 acres c 1777 manor house built by Allen family, sheds, barns, smoke house – pasture, timber, pond, crop land. Manor house is 4,494 sq ft + 1,302 sq ft basement per appraisal. Finished basement with brick floor, 6 fireplaces with gas logs and 1 wood burning, loft area library with custom built bookcases
    2. 074-A-12 118.607 acres (former Holman property)– cedar sided house built 1992, covered corral area (currently houses steel cattle sorting equipment) pasture, woods, crop land
    3. 083-1-18 34.3 acres pasture (borders Guinea Creek) NO improvements on this parcel other than fencing and automatic waterers
    4. 074-A-21 2.932 acres triangular access parcel at Putney Rd, where stone entrance is located - crop land – only improvements are stone entrance wall, commercial gravel driveway and board fencing

    Land is under Agricultural tax exemption – assessed at a flat $600/acre rate except 1 acre that each home sits on. Note: The auction terms require that Buyers maintain the land use for at least one year to avoid look back tax burden on Seller.

    Three Auction Tracts - bid for one, any two, or the entirety - all three.
    1. Parcels 2 and 4 combined as a single tract +/-122 acres with frontage on Putney Rd and the 1992 house
    2. Part of Parcel 1, east of Allen Branch Creek this includes Manor House and ALL outbuildings approx. acreage +/-221 acres
    3. Part of Parcel 1, west of Allen Branch Creek and Parcel 3 (fencing, watering system, access roads only improvements) approx. acreage +/-111 acres

    The creek forms a natural boundary and if tracts 2 and 3 are purchased by 2 different buyers, a shared driveway agreement will be drawn at closing and the cost of actual survey will be shared equally by the 2 buyers.

    Current Income Streams

    2 farmers have annual leases
    1. +/-65 acres across parcels 1, 2 and 4 “Kenny” $4,000/yr
    2. +/- 150 acres across parcels 1, 2 and 4 “Steve” $1,825/yr

    See copies of leases in Property Information Package.

    $305/yr is paid by Federal CREP program

    Annual Taxes (entirety): $7,568

    Download the complete Property Information Package for details, photos, surveys, leases, deeds, and more.

VAAF423

Directions

From Richmond, VA travel on VA-895 W towards Richmond (portions toll) travel to VA-150 N/Chippenham Parkway and proceed 7.36 miles to merge onto US-60 towards Midlothian. Travel 44.73 miles and turn left onto Cumberland Rd/VA-45. Proceed 1.18 miles to Davenport Rd and proceed .55 miles to Putney Rd. Continue 2.36 miles to 302 Putney Rd, Cumberland, VA.

Terms and Conditions

The following summary of Terms & Conditions of Auction Sale is only intended to provide you a brief outline. For a complete copy, either download the Property Information Package, if available, or contact Linda Terry at 804-354-9090 or lterry@tranzon.com.  All bidders must agree to all of the Terms & Conditions of Auction Sale prior to bidding at any Tranzon auction. Listings may be withdrawn or modified without notice at anytime.

For general information on the auction process, please review the FAQ-Frequently Asked Questions.

Buyers Premium: 10% Buyers Premium based on the high bid.
Closing: 45-Day closing, sold in As-Is condition, no contingencies.
Deposit Amount: Minimum deposit of $25,000 per each of the 3 parcels in guaranteed funds, with 10% due within 48 hours.
Broker Co-op: 2% of the high bid will be paid to a properly registered broker at settlement.
Agency Disclosure: The member company acting as auctioneer/agent is an agent for the seller only.
Disclaimer: Information contained herein is believed to be correct to the best of auctioneer/agent's knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time without notice.

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