LEE COUNTY, IL LAND AUCTION - GALLISATH

Tuesday, July 16th, 2024 - 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

How to participate in a Virtual Online Auction

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See "Click here for internet bidding and important documents" link below to access Nextlot.

LOCATION

Lee County, Illinois

Tract 1 of the Gallisath Trust real estate is located approximately 3.5 miles northeast of Sublette, IL on the north side of Shady Oaks Road and is further described as being located in Section 36, T20N - R11W, Lee Center Township, Lee County, Illinois. Tract 2 is located approximately 4 miles northeast of Sublette, IL on the south side of Shady Oaks Road and is further described as being located in Section 19, T37N - R1W, Brooklyn Township, Lee County, Illinois.

SELLER

Gallisath Trust

MANAGED BY

Isaac Taber (309) 335-8081

Brandt Henness (309) 224-4276

GENERAL INFORMATION

113.46 taxable acres± • 2 tracts

These tracts represent high quality farm ground with Class A soil and a fall 2024 closing date.

AUCTION BROCHURE

VIEW INTERACTIVE AUCTION BROCHURE

INTERNET BIDDING CATALOGS

CLICK HERE FOR INTERNET BIDDING AND IMPORTANT DOCUMENTS

SOLD!

TRACT 1 - $15,100.00 PER ACRE

TRACT 2 - $13,700.00 PER ACRE

TOTAL - $1,616,002.00

TRACT INFORMATION

Tract 1 - 44 taxable acres

FSA figures indicate 42.81 NHEL cropland acres
Productivity Index (PI): 141.8 (Class A)
Soil types include Muscatune, Osco, Sable, Catlin
Access along the south from Shady Oaks Rd.

Tract 2 - 69.46 taxable acres

FSA figures indicate 69.01 NHEL cropland acres
Productivity Index (PI): 138.9 (Class A)
Soil types include Catlin, Muscatune, Elpaso
Access along the north from Shady Oaks Rd.

GALLISATH HISTORY

CLICK HERE FOR FSA INFORMATION

METHOD & TERMS

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

The 2 tracts will be offered through the marketing method of “Buyer’s Choice”, whereas the high bidder can elect either tract for their high bid. If the high bidder does not elect all offered tracts, then the remaining tract(s) will continue to be offered “Buyer’s Choice” until both tracts have been elected. The tracts will NOT be offered in their entirety at the conclusion of the auction.

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 Friday, November 1, 2024.

The seller will provide title insurance in the full amount of the purchase price and pay the 2023 real estate taxes, due and payable in 2024. Seller will also pay the 2024 real estate taxes due in 2025, through a credit at closing. Seller is keeping all of the 2024 income. Possession at closing, subject to an existing cash rent lease for the 2024 crop year. Open lease for 2025 crop year.

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 the information to their satisfaction. There are no expressed or implied warranties made by the seller or Sullivan Auctioneers, a BigIron company, pertaining to this property. Real estate is being sold “AS IS”.