Kimball International Land Auction Takes $50.6 Million
Published November 19th, 2008
Kimball International, Inc. has announced that it has completed the sale of all of the Company’s undeveloped land holdings and timberlands, a total of 27,196 acres located in Indiana and Kentucky. The auction sales totaled $50.605 million.
The Company confirmed that it reached an agreement to sell the nearly 12,000 acres in Union and Crittenden counties in western Kentucky, known as the “Sturgis” property for $24.583 million, after previously rejecting a high bid of $23.9 million submitted Saturday, November 8 during the live auction.
The November 8 auction, was the third and final event in a widely publicized three-day auction of Kimball timberland.
Kimball had retained Woltz & Schrader Auctions to conduct the land sale. A series of three auctions were held November 6, 7 and 8. Small bidders dominated the first day’s auction held in French Lick, Indiana, resulting in the sale of 9,426 acres of southern Indiana land to 72 different buyers for a total sale of $15.780 million. The second day’s auction, held in Brandenburg, Kentucky, again saw wins by individuals and smaller buyers with 15 buyers purchasing 5,994 acres for a total of $10.243 million.
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