Scott County, IA Land Auction – Costello

Wednesday, January 26, 2022 - 1:00 pm Central

Auction to be conducted as a virtual, online auction. If you need assistance with internet bidding, please contact our office at (844) 847-2161

Location

Scott County, Iowa

The Costello Farms are located in Sections 5, 8 & 17, Cleona Township, Scott County, IA. At the east edge of Durant, IA on Co. Rd. F58 (200th St.) go east 2 miles to Co. Rd. Y30 (20th Ave.) Turn left or north and proceed 3 miles to 230th St. turn left or west and go a ½ mile to access Tract 1. To access Tracts 2 & 3 continue 2 miles north on Co. Rd. Y30 to the parcels.

(Be watching for presale directional signs)

Seller

Leo J. Costello

Lori L. Costello Trust

Managed By

Jim Huff (319) 931-9292

Jeff Hoyer (319) 759-4320

General Information

311.82 Deeded Acres± • 3 Tracts

Investors, if you are looking to add to your portfolio or farmers wanting to add to your ongoing operation, make plans now to participate in this upcoming Scott County, IA land auction. Tract 1 offers highly productive Muscatine, Garwin & Tama soils and boasts a CSR2 of 97.3! Tracts 2 & 3 feature productive Tama & Kilduff soils and has a CSR2 that covers the entire 2 tracts of 83.1! We look forward to your participating in this unprecedented eastern Iowa land auction.

Tract Information

Tract 1 • 77.19 Deeded Acres±

  • FSA information indicates 74.60 acres tillable
  • Highly productive Musacatine, Garwin & Tama soils.
  • CSR2 is 97.3!!!
  • This tract is improved with some field drainage tile, a 54’ x 72’ storage building with a 14’ x 72’ lean-to addition and a 7,000 bu. grain bin.
  • The parcel is under a (2) year cash rent farm lease with a tenant. This farm has recently been a Corteva Agriscience (Pioneer) production farm and could potentially be continued. The buyer(s) will receive 100% of the cash rent for the 2 year lease period plus receive a $15,000.00 rent incentive credit at closing.
  • Access is on the south by 230th St.

 

Tract 2 • 80 Deeded Acres±

  • FSA information indicates 79.54 acres tillable including .36 acres in CRP with a payment of $267.60 per acre expiring in 2022
  • Productive Tama & Kilduff soils.
  • CSR2 is 82.1
  • This parcel is improved with terraces with drainage tile inlets, has new road fence and has hard surface road frontage.
  • This tract sells free and clear for the 2022 crop year.
  • Access is on the east by Co. Rd. Y30.

 

Tract 3 • 154.63 Deeded Acres±

  • FSA information indicates 147.99 acres tillabe including 3.39 acres in CRP with a payment of $283.44 per acre expiring in 2022.
  • Productive soils include Tama, Kilduff & Ackmore.
  • CSR2 is 83.9!
  • This parcel is improved with terraces with drainage tile inlets, has new road fence and has hard surface road access.
  • This tract sells free and clear for the 2022 crop year.
  • Access is on the east by Co. Rd. Y30.

Method & Terms

The Costello Trust farms will be sold based on deeded acres advertised in this brochure. Said deeded acres will be used to constitute the final settlement price. All tracts will be sold on a price per acre basis through the marketing method of “Buyer’s Choice”, whereas the high bidder can  take any or all tracts for their high bid. The farm will not be combined at the conclusion of the auction. Bidding is not contingent upon financing.

Ten (10%) percent of the bid price to be due on the day of sale with the balance due in approximately 30 days, on or before Monday, February 28, 2022 upon delivery of a merchantable abstract and deed. Immediately following the auction, the successful bidder(s) shall enter into a written agreement with the seller. The real estate taxes will be prorated to the date of closing. Possession on Tract 1 will be given at the time of closing subject to a (2) year farm lease with the tenant. Full possession will be given on Tracts 2 & 3.

All announcements sale day shall take precedence over any prior advertising either written or oral. The information in this brochure is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines drawn on maps, photographs, etc. are approximate. Buyers should verify the information to their satisfaction. There are no expressed or implied warranties pertaining to the property. This real estate is being sold “as is”

Aerial Tour

Plat Map

Aerial Map

SOIL MAP

photos • tract 1

photos • tracts 2 & 3

Leo J. Costello

Lori L. Costello Trust

 

Representing Attorney:

Brian J. Kane

Kane, Norby & Reddick, P.C.

2100 Asbury Road, Suite 2

Dubuque, IA 52001

Phone: (866) 493-0667

 

Auction Managers:

Jim Huff (319) 931-9292

Jeff Hoyer (319) 759-4320