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03 Jun, 2017

Former children’s home property sells for $2.5M

03 Jun, 2017 - Tranzon Asset Advisors

Set a per-acre record for ag land price

By Greg Thompson
Published in The News-Enterprise of Hardin County, KY

Following more than three hours of bidding battles Saturday, the former Glen Dale Children’s Home property has a new owner.

Robert Wade purchased 287 acres along Gilead Church Road and Monin Lane for $2,519,000.

Edward Durnil, broker and auctioneer for Tranzon Auction Advisors, said the bidding during the final moments of the auction was intense as Wade sparred with the duo of Ray Allen and David Mackey, and Tim Aulbach for the agricultural property.

As many as 35 tract combinations were put together throughout the auction, Durnil said.

“That led us to the final selling price,” he said.

Durnil said the price of $8,809 per acre, according to Multiple Listing Service records and county records from last year, sets a new record of agricultural land price. The largest amount previously was $8,100 per acre.

The auctioneer said heavy interest was shown in the property. He said inquiries were made from Hardin County and a dozen states as far away as New York.

Nearly $2.3 million of the sale will go to Sunrise Children’s Services, the property’s sellers.

Dale Suttles, president of Sunrise, said the auction was bittersweet.

“This land means a lot to us. It means a lot to our heritage,” he said.

The proceeds from the auction will help Sunrise with current and future programs.

He said the organization is keeping 12 acres.

“We’re going to build a couple of houses on those 12 acres at some point and we’re going to let a foster family move in and we will let them live there if they will take a sibling group,” Suttles said. “Sibling groups are hard to place. I’m excited about that.”

The auction was held in the lower level of Gilead Baptist Church with tracts ranging from a little more than 2 acres to 56 acres.

Some of the property has corn planted on it while other parts remain untouched.

“It’s about as good as it gets,” said Larry Thomas of BLT Farms about the land.

A crowd of nearly 100 gathered for the auction. Some came to socialize and see how much money the property would bring.

Interested bidders came for various reasons.

Kenny and Tammy Bird live in Elizabethtown and wanted one of the 2.75-acre lots that sat just off Gilead Church Road to build a house.

“We just want to live in Glendale,” Tammy said. “We love the area.”

The lots featured a tree line and a nearby creek. Because it was near a railroad crossing, they thought their 17-year-old son with autism would enjoy the sights and sounds.

“If it happens, it happens,” Kenny said. “If it doesn’t, we’ll keep looking.”

Clayton Grey had his eyes fixed on several acres to farm.

The Cecilia farmer had a copy of the northside auction plat in front of him. He was solely interested in bidding on tracts 8, 9 and 10 — a combination of 165 acres.

“I’d rather have all three together,” the 78-year-old former beef cattle producer said, adding he took care of two feed lots for 38 years until he became too old to do so.

Mostly, Grey plants corn, beans and wheat and said that was how he intended to use the property, if he were the highest bidder.

Jeff Nott drove from Meade County with interest in 10 of the tracts — about 34 acres — for developing.

For now, Wade plans on using the newly purchased 287 acres for what he and his family have done for generations: farming.

“It was good farm land and it’s going to stay that way,” Durnil said.

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