NAPLES, FLORIDA (Sept. 25, 2015) — The Florida farmland picture got a bit clearer Sept. 25 with court approval of the sale of $11.3 million in assets, as part of the Chapter 11 proceedings for Grainger Farms, Inc., Grainger Land, LLC, and SamAnn Farms, LLC.
The U.S. Bankruptcy Court’s ruling confirmed the Sept. 17 auction of 1,151 acres of farmland. Murray Wise Associates marketed the land and managed the auction in cooperation with Crosby & Associates. A related auction of machinery, managed by Weeks Auction, added another $1.1 million to the total.
“We accomplished what we had to do, and the auctions exceeded my expectations, thanks to the good work of Murray Wise Associates, Crosby & Associates, and Weeks Auction,” said James Grainger II, president of Grainger Farms. “The money raised by the sale of the land and machinery will ensure the future of Grainger Farms, allowing us to continue operations,” he added.
The auction of the farmland in Hendry and Collier counties attracted a strong crowd of 80, including 36 registered bidders. Emerging as the high bidder for all the land was Gargiulo, Inc., which paid $11,320 per farmable acre.
“Mr. Grainger is pleased, and the court has approved the sale, so we’re delighted. We had a great turnout of bidders, including institutions and growers, resulting in a spirited competition. This is a healthy outcome for Mr. Grainger and for the economy of the area,” said Ken Nofziger, president of Murray Wise Associates.
Murray Wise Associates LLC, headquartered in Champaign, Illinois, is a leading national agricultural real estate marketing and financial advisory firm, with additional offices in Naples, Florida and Clarion, Iowa. Crosby & Associates, Inc. based in Winter Haven, Florida, markets land throughout Florida and surrounding states. Weeks Auction Co. Inc., based in Ocala, specializes in the sale of agricultural and industrial equipment through live and online auctions.