DeKalb County, IL Land Auction – Lowman

Thursday, February 24, 2022 - 10:00 am 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

SOLD!

$15,500 PER ACRE 

 

TOTAL – $620,000.00

Location

DeKalb County, Illinois

The Lowman – Olmstead farm is located approximately 4 miles northeast of Genoa, IL, or 10 miles north of Sycamore, IL, or 15 miles southeast of Belvidere, IL. The property is further described as being located in the Northwest Quarter of the Northwest Quarter of Section 16, T42N-R5E, Genoa Township, DeKalb County, IL.

Seller

The Lowman – Olmstead Farm

Randall Lowman

Paul Lowman

Managed By

Kevin Haas (309) 264-7767

John Sullivan (309) 221-6700

General Information

The farm contains 40 taxable acres and is all tillable cropland with Class A soils. Farmers and investors, what a tremendous opportunity to purchase high quality farmland at public auction. 

The Lowmans are direct heirs of Henry and Samantha Olmstead who homesteaded this farm in 1842. Henry was a direct descendent of Frederick Law Olmstead, a renowned landscape architect who designed Central Park in New York City and the Biltmore Estate in Asheville, North Carolina; and Samantha was related to the famous architect, Frank Lloyd Wright. Sullivan Auctioneers are honored to sell this outstanding farm which has produced excellent crop yields for many generations.

real estate tax information

PIN 03-16-100-001
40.0 acres
$2167.66

SOIL test results

pH - 5.9
P   -  60 #/A
K   - 313 #/A

tract information

  • 40 Taxable Acres
  • FSA maps indicate 39.03 NHEL cropland acres
  • The soil Productivity Index is 139.4 (Class A)
  • Soil types include Danabrook, Elpaso, Lisbon & Flanagan
  • Harrison Road borders along the east side of the farm
  • Buyer will reimburse the former tenant $3,560.00 at closing for fall 2021 applied fertilizer and tillage

Method & Terms

The farm will be sold on a price per acre basis, based on the taxable acres.

Immediately following the auction, the successful buyer will be required to sign a real estate sales contract and pay ten percent (10%) of the purchase price as a non-refundable down payment which will be held in escrow until closing. The balance of the purchase price will be due at closing which will take place on or before March 24, 2022. The seller will provide title insurance in the full amount of the purchase price and pay the 2021 real estate taxes, due and payable in 2022. Possession at closing and the property sells free and clear of tenancy for 2022.

Bidding is NOT subject to any contingencies, including but not limited to financing, an appraisal or inspection of the property.

All announcements made sale day take precedence over prior advertising either written or oral. The information in our brochure, in our advertisements and on our website is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines drawn on maps, photographs, drone video, etc. are approximate. Buyers should verify all information to their satisfaction. There are no expressed or implied warranties made by the seller or Sullivan Auctioneers, LLC pertaining to this property. Real estate is being sold “AS IS”.

Aerial Tour

Plat Map

Aerial Map

SOIL MAP

FSA Information

Tile Information

Photos

Randall Lowman & Paul Lowman

 

Representing Attorney:

Timothy W. Kirk

Heyl, Royster, Voelker & Allen

300 Hamilton Boulevard | Peoria, IL 61602 | (309) 676-0400

 

Auction Managers:

Kevin Haas (309)264-7767

John Sullivan (309) 221-6700