LEE CO., IA FARM/DEVELOPMENT LAND AUCTION
Begins:
Wednesday, May. 21st 2025 at 12:00 AM
Ends:
Tuesday, Jun. 24th 2025 at 10:00 AM
Lee County, Iowa
FARM/DEVELOPMENT LAND AUCTION
FORT MADISON, IOWA
11.71 ± ACRES
AUCTION ENDS: TUESDAY, JUNE 24, 2025 | 10AM
General Information: Add to your farming portfolio or take advantage of a prime residential development opportunity with this 11.71 ± acre tract of land located 1½ miles north of Fort Madison, Iowa. Located just off County Hwy. X32 at the end of an established subdivision, this rural property lies just outside the city limits—offering the best of both worlds.
- 10.89 tillable acres with a CSR2 of 63
- Access from 189th Street off County Hwy. X32
- Situated at the edge of a growing neighborhood with major utilities available
- Excellent potential for housing development or dream home building site acreage
With close proximity to town, productive ground, and strong development potential, this is a versatile tract that offers immediate and long-term value.
AUCTION TERMS
Auction Method: The auction will be conducted online only. Land is selling in one tract and will be sold on a price per acre basis, based on the number of advertised acres. Bidding is NOT contingent upon financing, an appraisal, inspection, or any other contingencies.
Survey: Seller shall not be obligated to perform a survey.
Farm Lease: The land is currently under a 50/50 crop share lease, with the Seller to receive their share of the income upon harvest.
Earnest Money Payment: A ten (10%) percent nonrefundable earnest money payment is required on the day of the auction. All funds will be held in the Fraise Auction & Real Estate Trust Account.
Closing & Possession: Closing will occur on or about July 14, 2025, at which time landlords’ possession will be given. Full possession will be given after completion of harvest. The balance of the purchase price will be payable at closing in the form guaranteed check or wire transfer.
Contract & Title: Immediately up conclusion of the auction, the high bidder will enter into a real estate sales contract with the Sellers. The Sellers will provide a current abstract at their expense. Real estate taxes will be prorated to the date of possession.
Other: It shall be the Buyer’s responsibility to report to the Lee County FSA office and show filed deed in order to receive the following, if applicable (A) Allotted base acres; (B) Any future government programs; (C) Prorate of CRP. The land is selling subject to all easements, covenants, leases and restrictions of record. All property is sold on an “As Is, Where Is” basis with no warranties, expressed or implied made by the Auctioneer, Fraise Auction & Real Estate or Seller. Fraise Auction & Real Estate and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing this transaction. Any announcements made auction day by the Auctioneer will take precedence over all marketing material or oral statements. Bidding increments are at the sole discretion of the Auction Company and can be changed at any time during the course of the auction.
Disclaimer: Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries and due diligence concerning the property. All lines drawn on maps and photos are approximate. Overall tract acres, tillable acres, etc. may vary from figures stated within the marketing material. No liability for its accuracy, errors or omissions is assumed by the Seller or Auction Company.
RICHARD E. THYE – SELLER
Shannon Thye – P.O.A.
Christy Popejoy – Attorney for Seller
Auction Conducted by Fraise Auction & Real Estate
319-372-9121
Corey Fraise, Broker/Auctioneer
319-470-0115
TAKE A LOOK ANY TIME!
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