1120 Acres of Premium Tillable Farm Ground!!! Live & Online Auction 6 Tracts, Dec 1, 2022
29026 County Road 161, Norborne, MO 64668
Spur Legacy Ranch Trust – River Bottom Tillable Land Auction
Multi Parcel Combination Sale
Goppert Community Center, 201 S Pine St. Norborne, MO 64668
Prebidding and Online Auction to start on Nov 18, 2022
Informational Session @ 10 am, Dec 1, 2022
Live Auction to start @ 11am, Dec 1, 2022
We firmly believe it to be nearly impossible to find a comparable property of this size and quality that has sold recently or is currently available in the Corn Belt, and for certain in the Missouri River Basin. This farm has possibly one of the strongest cash rental leases of any farm in Missouri, outside of some select farms in the Bootheel that are suitable for Cotton, Potato and Horse Radish production. Furthermore, it is very rare to find a farm that has an equal amount of improvements that create potential depreciation to capture as a tax savings. The current ownership has a depreciation schedule that totals over $1,000,000, and you should talk with your tax accountant about how this may benefit you as well.
This farm has a very impressive record of only losing 6 years of production in the last 80 years to flooding, and 2 other years it lost a portion of its crop to seep water because the river stayed at a very high level for an extended period (60-90 days).
The farm has great road frontage/access, and the roads are very well maintained. These roads are critical to providing easy access for the large equipment ingress/egress to the crop land and for hauling the crop out of the field to market.
There are several large local grain markets within 5 – 20 miles of the farm. These include ethanol plants, rail terminals, and river terminals. These competitive local outlets provide a strong cash basis or positive margin basis over the Chicago Board of Trade. This allows the farmers to market their grain close by for a premium price, with very little transportation expense, thus adding profitability to their operation and higher cash rent for the landowners. There are times throughout the year that the local grain markets will have up to a $1/bu premium on corn over the CBOT. The farm is also within an hour of Kansas City which has several end user buyers that will pay a premium for these commodities, and Kansas City also has several river and rail terminals as well.
Cash Rental Agreement:
The current tenant farmer, who has many years of experience farming thousands of acres all around this farm is confident in the production capabilities of this farm, and in the Fall of 2021 signed a 4 Year Cash Lease on the entirety of the 1,120 Acres. After 2022 there will be three years remaining on his lease contract which will end on December 1, 2025, or the completion of harvest. The FSA indicates the farm has 963.67 Tillable Acres, but since the owners have done some clean-up work recently, that number has increased a little. The current tenant pays for 964 Tillable Acres. For more details regarding the cash rental agreement please contact David Peck or Jeff Quinn directly.
The tenant is a very good, honest and hardworking farmer. He is knowledgeable of current farming practices and technology, grain marketing, finance and local politics that directly affect farmers in his area and his own operation. He is the President of the Local Levee & Drainage District. He will make certain that this farm is well protected and cared for.
The Sellers have an assumable loan with a National Lender. This loan is only available to one buyer of any or all tracts. The loan cannot be divided up between multiple buyers. Any prospective buyer must be qualified and pre-approved. Please contact David Peck or Jeff Quinn for the contact information of the lender.
The terms are as follows:
- Up to a Maximum $9,950,000 Principal Loan Amount
- 5 year Fixed Rate of 5.75%
- 30 Year ARM
- 198.25 M/L Total Acres
- 183.23 FSA Tillable Acres
- 9.25 Non-Crop Acres
- 5.77 Acres Building Site
- Est. RE Taxes $2,704.60
This Premier 93% Tillable All Upper Bench Bottom farm is as TOP SHELF as you will find with 99% of the farm in Class 2 and Class 1 soils. There are a tremendous amount of improvements including... A "like new" 60' x 120' Morton Building machine shed with oversized sliding doors for large equipment; an older 40' x 60' Shop with concrete floor; a 1982 model 500,000-gallon Harvestore Slurrystore; 3 - 1970 model Harvestore Silos; an 80 y/o two story home with 4 bedrooms, 1.5 Baths, approximately 3,000 sq. ft. in need of significant repair, but has some good bones and very unique features. There is also a drilled well for a center pivot in the middle of the tillable field. All of these improvements have useful life ahead and a very significant depreciation factor to be taken into careful consideration. There is good gravel/dirt road frontage on the south and east sides.
There are an additional 3-4 Acres of tillable land over what the FSA shows... recently picked up from clean up around the building site.
- 86.08 M/L Total Acres
- 78.84 FSA Tillable Acres
- 7.24 Non-Crop Acres
- Est. RE Taxes $1,098.42
This 92% Tillable Farm is a combination of 62% Upper Bench Bottom and 38% Lower Bottom, of which 97% is Class 2 soils. This tract has great gravel/dirt road frontage and access on the north, west and east sides. The maintenance of the drainage ditch and levee are the responsibility of the Levee and Drainage Districts.
- 149.67 M/L Total Acres
- 140.2 FSA Tillable Acres
- 7.7 Non-Crop Acres
- 1.77 Acres Building Site
- Est. RE Taxes $1,737.11
This 94% Tillable Farm is a combination of 4% Upper Bench Bottom and 96% Lower Bottom. These soils are 84% Class 2 & Class 1 which are extremely fertile and well protected. There is approximately 40,000 BU of grain storage, with one bin in need of repair; it has a damaged roof and a couple of ring sheets needing replaced. There are 8 small obsolete grain bins that could be sold off for novelty use. This tract has good gravel/dirt road frontage along the north, west and east sides. The maintenance of the drainage ditch and levee are the responsibility of the Levee and Drainage Districts. The small drainage ditch is the responsibility of the landowner.
- 213.63 M/L Total Acres
- 205.88 FSA Tillable Acres
- 7.75 Non-Crop Acres
- Est. RE Taxes $4,819.89
This 96% Tillable Farm is All Lower Bottom with some of the most fertile silt loam soils to be found in the Missouri River Basin. There is a 1982 10-Tower Valley Pivot, drilled well and a Cummins Diesel Engine/Generator Cart. The farm is accessed by a dirt road along the west side. The maintenance of the drainage ditch and levee are the responsibility of the Levee and Drainage Districts.
- 211.44 M/L Total Acres
- 194.95 FSA Tillable Acres
- 16.49 Non-Crop Acres
- Est. RE Taxes $4,109.89
This 92% Tillable Farm is All Lower Bottom and 99% Class 2 soils which are extremely fertile silt loam soils. This tract is accessed by a gravel/dirt road access from County Road 171 to the north. The maintenance of the drainage ditch and levee are the responsibility of the Levee and Drainage Districts.
- 260.93 M/L Total Acres
- 160.57 FSA Tillable Acres
- 100.36 Non-Crop Acres
- Est. RE Taxes $1,949.99
This tract is 61.5% tillable and has as good or better silt loam soil as you will find on any of the other tracts in this offering, and as good as you will find in this area of the Missouri River Bottoms. The fertility and production capability of this piece of dirt should not be overlooked simply because it is not as highly tillable as some of the other tracts. Furthermore, the elevation of this tract will likely surprise you with approximately ½ of the tillable acres that are as high in elevation as the Upper Bench Bottom that always commands a premium price. This tract has three points of access from east to west. These are gravel or dirt roads that will effectively allow access at all critical locations. This tract has some good hunting potential as well. This isolated area of timber will provide a good spot to chase those big Missouri Whitetails without a lot of pressure around you.
Quality farms have always been he foothold in the farming industry and investment portfolio's. Usually the first to go up in value and the last to come down. With current market conditions and land prices one could only speculate what the future would hold for this farm. For more information call or text:
Jeff Quinn, Missouri Land and Farm: 660-734-3925
David Peck, Farmers National: 573-268-8727