Prime Income Producing 960 Acre Land
960+/- AC surface with income producing subsurface mineral lease
Property Location: Sand Hill, Burning Springs Mine Road. US Route 50. Richie/Wood Co. Line. Petroleum, WV GPS: 39.2539, -81.264
Online Only Bidding
Bidding is open and starts closing Wednesday, September 16th 12:00 Noon
960+/- Acres * Income Producing * Harvestable Timber * Direct Access off US RT 50 * Development Potential
For property tours call Alden Butcher, Auctioneer (304)-695-1621 or email [email protected]
Rare investment opportunity located east of Parkersburg, WV 18 miles on US RT 50 at the Wood/Richie County line with direct access from US RT 50. The property is situated on both sides of US RT 50 and joins the Wood County Park and Recreation owned property known as Mount Wood Park. This tract is comprised of 960+/- acres of prime forest which is under the management of the West Virginia Division of Natural Resources designated as a wildlife management area (lease can be terminated with a 30-day notice). The tract offers prime harvestable timber. Currently, this tract is being leased by Martin Marietta Materials for the extraction of Limestone gravel via underground mining (see lease agreement and royalty income report). Sale by the order of Dominion Energy Transmission Inc.
Legal: 05-9-02, 05-14-7,8 & 9 and 11-190-A. Associated documents: Timber appraisal, title report, tax assessments, mine lease, income report, acreage calculations, maps.
960+/- acres surface with subsurface minerals – Prime harvestable timber, Sand Hill Wildlife, and Forest Management area (WVDNR lease can be canceled with 30-day notice) developable frontage. Marked trails and roads throughout make it easy to navigate. Prime hunting and access to outdoor recreation. Convenient location with gated access.
Income producing subsurface mineral lease – Estimated gross income from 8/10/2010 to 5/8/2020 ($1,620,145.75) average annual income ($172,050.876) monthly average ($14,337.57) Lease has a 20-year renewal option, the lease will expire and be renewable in 2021. Lease purpose: for the removing of rock, stone, sand and gravel and other minerals. This lease is fully transferable to the prospective buyer. Obtain a copy of the lease agreement in the attached documents.
Harvestable timber - Estimated Value: $1,037,005.00 (timber appraisal performed July 3rd, 2020.) See attachments for the full report.
Prime Frontage – Road frontage and future development potential with direct access from US RT 50.
Kaufman Realty & Auctions of WV
D. Anthony Kaufman, Broker
Alden Butcher-Auctioneer/Agent – Auction Manager
Auc. Lic #1918
John L. Spiker-Auctioneer/Agent
Auc. Lic #184
Successful bidder will be emailed a contract to be executed and returned to Kaufman Realty & Auctions of WV. Successful bidders will deposit 10% of the Contract price in the form of cashier’s check or wire transfer to Kaufman Realty & Auctions of WV. The entirety of the remaining balance is due at closing or within 45 days. Instructions for wire transfer and /or cashier’s check transmittal will be sent by e-mail to the successful bidder. Purchaser shall be responsible for wire transfer fees.
Contract Documents will be sent by e-mail to the successful bidder must execute and fax or email back to Kaufman Auctions within 48 hours of the end of the auction.
Successful bidders not executing and returning their contract with earnest money deposit within 48 hours of the conclusion of the auction will be considered in default.
At the close of bidding. The system is set to add a 5 minute extension when a bid is placed within the last 5 minutes and will do so until no one bids during the allotted time.
Buyer’s Premium Example:
Bid Price: $100,000,000
Plus 10% Buyers Premium: $100,000
Total Contract Price: $100,100,000
Down Payment $110,000,
DISCLOSURE: Kaufman Realty & Auctions of WV / Dave Kaufman Realty Inc. is acting as Auctioneer/agent and is an agent for the seller only.
DISCLAIMER: Information contained herein is believed to be correct to the best of auctioneer/agent’s knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions.
All square footage and other dimensions are approximate
BUYER/BROKER INFORMATION: Up to 1% Commission will be paid to any properly licensed buyer's broker who registers a successful buyer according to the Broker Participation Guidelines. Broker registration forms are available. Call for Broker Registration Form or print it from the documents tab for that specific Auction. Must be registered & Approved 24 hours prior to Auction. Brokers/Agents are not entitled to a commission if they are the purchaser.