"Auctions" Lancaster Agency

ABSOLUTE ESTATE AUCTION

SATURDAY – MARCH 6^th – 10:30 A.M.

ESTATE OF MARY EMMA HIGDON
158.18 ACRE FARM
HOME – BARNS – PONDS
4,665’ OF ROAD FRONTAGE – 36 TRACTS

7330 LORETTO ROAD (HIGHWAY 49)
LORETTO, KENTUCKY

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ONLY A 7.5% BUYER’S PREMIUM... DON'T FORGET ABOUT THE 10% FEDERAL TAX CREDIT (RESTRICTIONS APPLY)!!!

DIRECTIONS: The auction will be conducted on site at 7330 Loretto Road (Highway 49) just east of the city limits of Loretto. Turn at the big yellow & red Lancaster Agency auction sign…You can’t miss it!

The Lancaster Agency, Inc. is very pleased to represent the Estate of Mary Emma Higdon in offering this magnificent 158.18 acre farm, including a nice home, barns, ponds, and all improvements at Absolute Estate Auction on Saturday, March 6th, 2010 at 10:30 A.M.

	Tract 1: 2.04 Acres Tract 2: .75 Acres Tract 3: .70 Acres Tract 4: .73 Acres Tract 5: 1.05 Acres Tract 6: 1.10 Acres Tract 7: 1.29 Acres Tract 8: 1.27 Acres Tract 9: .71 Acres Tract 10: .71 Acres Tract 11: .71 Acres Tract 12: .71 Acres Tract 13: 1.11 Acres Tract 14: 1.38 Acres Tract 15: 1.67 Acres Tract 16: 1.73 Acres Tract 17: 1.47 Acres Tract 18: 1.29 Acres	Tract 19: 7.25 Acres Tract 20: 5.35 Acres Tract 21: 12.03 Acres Tract 22: 11.23 Acres Tract 23: 6.02 Acres Tract 24: 5.03 Acres Tract 25: 5.22 Acres Tract 26: 5.03 Acres Tract 27: 9.35 Acres Tract 28: 11.22 Acres Tract 29: 4.27 Acres Tract 30: 4.21 Acres Tract 31: 5.49 Acres Tract 32: 10.07 Acres Tract 33: 12.97 Acres Tract 34: 5.60 Acres Tract 35: 9.59 Acres Tract 36: 3.12 Acres
	Private Road A: 1.86 Acres Private Road B: 1.49 Acres Private Road C: 1.02 Acres Private Road D: 0.34 Acres

AUCTIONEER’S NOTE: It has been over 45 years since this farm was last offered on the market…December 28th, 1964 to be exact! Much has happened since 1964…Loretto has evolved into a growing and vibrant community in northwestern Marion County with restaurants and entertainment…The historic Maker’s Mark Distillery is a tourist destination for thousands of visitors each year…The West Marion Elementary School was built in 1988 and continues to achieve high standards of academic excellence…The Loretto municipal sewer system was completed in 2006…In early 2010 the Marion County Water District will conclude the expansion of a 10” water line to better serve the Loretto area - L.A. (Loretto Area) is a happening place!

As Loretto has expanded, Mrs. Higdon was approached many times over the years to sell this beautiful farm…But she would never even consider it. The residential development from downtown Loretto heading southeast towards Lebanon on Highway 49 comes to an abrupt stop right at the corner of this farm…This 158.18 acre farm features approximately 9/10 mile of undeveloped road frontage with acres and acres of gorgeous laying land…It’s located just outside the city limits of Loretto and close in proximity to Bardstown, Springfield & Lebanon! Mrs. Higdon’s refusal to sell this farm has now created a very rare and exciting investment opportunity not only for farmers, but also land buyers, developers, home builders & home buyers!

Don’t miss this great opportunity to bid and buy the auction way at your own price...No Reserves or Minimums…Be the winning bidder, or bidders, and you bought it at this Absolute Estate Auction! Did we mention?…There’s Only a 7.5% Buyer’s Premium!!!

THE LAND: 158.18 acres, per survey, of some of the finest laying land you will find in all of Marion County...There is not a bad tract on this entire farm! The farm offers 4,665’ of road frontage on Loretto Road (Highway 49) just outside the city limits of Loretto. This land is prime for development…Actually it is probably way overdue! It features 18 outstanding building lots of various sizes (.70 Acre – 3.12 Acre) on Loretto Road…All with Preliminary Sight Distance Approval from the Kentucky Transportation Cabinet (a copy of this report is available). There are also 17 larger tracts of various sizes (4.21 Acres – 12.97 Acres) in the rear of the road frontage tracts which offer a multitude of uses. A Preliminary Septic System Site Evaluation has been performed on all 35 of these tracts (a copy of this report is available).

THE HOME & IMPROVEMENTS: The home is located on Tract 1 (2.04 Acres) with an existing entrance off Loretto Road. This nice home offers approximately 2,054 square feet of living area with the charm and character of yesteryear, and many of today’s modern conveniences. It features 4 bedrooms (1 downstairs/3 upstairs), 1 ½ bathrooms, a spacious eat-in kitchen (includes the dishwasher & stove), a living room, a large den/dining room combination, a utility room/mud room, and an entry foyer. Inside you will also enjoy the uniqueness of 2 separate staircases (1 leading from the entry foyer & 1 from the kitchen), hardwood flooring in some of the rooms, French doors, and the comforts of energy efficient replacement double pane/double tilt windows (throughout the 1st floor), and central heat & air conditioning…Outside you will love sitting on the covered front porch watching the world go by! The other improvements on this tract include a 24’ X 30’ detached metal 2 car garage w/ a concrete floor & automatic door openers, a 28’ X 10’ metal storage building w/ concrete floor, and a 10’ X 20’ storage building (formerly an old meat house). There’s even a fire hydrant in the front yard (great for your homeowners insurance!). Note: A new septic tank & lateral lines were installed March 2009 for this home.

THE BARNS:

48’ X 60’ Tobacco Barn in excellent condition - Tract 25.
84’ X 30’ Metal Open Faced Shed - Tract 33.
75’ X 84’ Cattle Barn, 64’ X 48’ Storage Barn, 38’ X 48’ Hay Barn & 20’ X 32’ Metal Storage Building. All in excellent condition - Tract 34.

THE PONDS:

A large pond is located on Tract 28.
Smaller ponds are located on:

Tract 25
Tract 31
Tract 36

ORDER OF SALE: It’s really easy…We will be utilizing the “pick & choose” auction method which allows you, the buyer, to group tracts as you would like to have them grouped.

1st Offering | 2nd Offering | 3rd Offering

1st OFFERING:

To be offered as a whole, Tracts 1 thru 36, plus Private Roads A,B,C & D and all improvements, grouped together totaling 158.18 acres, per survey.
This will be offered by the acre, with the highest bid per acre multiplied by 158.18 to determine the total amount.


Tract 1: 2.04 Acres Tract 2: .75 Acres Tract 3: .70 Acres Tract 4: .73 Acres Tract 5: 1.05 Acres Tract 6: 1.10 Acres Tract 7: 1.29 Acres Tract 8: 1.27 Acres	Tract 9: .71 Acres Tract 10: .71 Acres Tract 11: .71 Acres Tract 12: .71 Acres Tract 13: 1.11 Acres Tract 14: 1.38 Acres Tract 15: 1.67 Acres Tract 16: 1.73 Acres	Tract 17: 1.47 Acres Tract 18: 1.29 Acres Tract 19: 7.25 Acres Tract 20: 5.35 Acres Tract 21: 12.03 Acres Tract 22: 11.23 Acres Tract 23: 6.02 Acres Tract 24: 5.03 Acres	Tract 25: 5.22 Acres Tract 26: 5.03 Acres Tract 27: 9.35 Acres Tract 28: 11.22 Acres Tract 29: 4.27 Acres Tract 30: 4.21 Acres Tract 31: 5.49 Acres Tract 32: 10.07 Acres	Tract 33: 12.97 Acres Tract 34: 5.60 Acres Tract 35: 9.59 Acres Tract 36: 3.12 Acres Private Road A: 1.86 Acres Private Road B: 1.49 Acres Private Road C: 1.02 Acres Private Road D: 0.34 Acres

2nd OFFERING:

Round 1: Tract 1 (House Tract) to be offered individually by the tract.
Round 2: Tracts 2 thru 18 to be offered by the tract utilizing the pick & choose auction method. The highest bidder will have the priority to select the tract, or contiguous tracts desired at that price. The amount per tract will be multiplied by the number of tracts selected to determine the total amount. This process will continue until all the tracts in this round have been selected.
Round 3: Tracts 25, 28, 33 & 34 (all these tracts have improvements on them) to be offered by the tract utilizing the pick & choose auction method. The highest bidder will have the priority to select the tract, or tracts desired at that price (these tracts do not have to be contiguous). The amount per tract will be multiplied by the number of tracts selected to determine the total amount. This process will continue until all the tracts in this round have been selected.
Round 4: Tracts 19, 20, 21, 22, 23, 24, 26, 27, 29, 30, 31, 32, 35 & 36 to be offered by the acre utilizing the pick & choose auction method. The highest bidder will have the priority to select the tract, or contiguous tracts desired at that price. The amount per acre will be multiplied by the total number of acres in the tract, or tracts selected, to determine the total amount. This process will continue until all the tracts in this round have been selected.


Tract 1: 2.04 Acres Tract 2: .75 Acres Tract 3: .70 Acres Tract 4: .73 Acres Tract 5: 1.05 Acres Tract 6: 1.10 Acres Tract 7: 1.29 Acres Tract 8: 1.27 Acres	Tract 9: .71 Acres Tract 10: .71 Acres Tract 11: .71 Acres Tract 12: .71 Acres Tract 13: 1.11 Acres Tract 14: 1.38 Acres Tract 15: 1.67 Acres Tract 16: 1.73 Acres	Tract 17: 1.47 Acres Tract 18: 1.29 Acres Tract 19: 7.25 Acres Tract 20: 5.35 Acres Tract 21: 12.03 Acres Tract 22: 11.23 Acres Tract 23: 6.02 Acres Tract 24: 5.03 Acres	Tract 25: 5.22 Acres Tract 26: 5.03 Acres Tract 27: 9.35 Acres Tract 28: 11.22 Acres Tract 29: 4.27 Acres Tract 30: 4.21 Acres Tract 31: 5.49 Acres Tract 32: 10.07 Acres	Tract 33: 12.97 Acres Tract 34: 5.60 Acres Tract 35: 9.59 Acres Tract 36: 3.12 Acres Private Road A: 1.86 Acres Private Road B: 1.49 Acres Private Road C: 1.02 Acres Private Road D: 0.34 Acres

3rd OFFERING: We will be offering the following tract groups:

Group A: Tracts 2,3,4,5,6,19,20,21,22,23, 24 & Private Road A totaling 53.10 Acres.
Group B: Tracts 7,8,9,10,11,25,26,27,28,29,30 & Private Road B totaling 45.48 Acres.
Group C: Tracts 12,13,14,1,31,32,33,34 & Private Road C totaling 40.39 Acres.
Group D: Tracts 15,16,17,18,35, 36 & Private Road D totaling 19.21 Acres.

Groups A,B,C & D will be offered by the group utilizing the pick & choose auction method. After the 2nd offering has been completed we will total the amounts of the tracts contained in each respective group. In order to have the priority to select a tract grouping in this round, the incremental increase must be a minimum of $5,000 more than the total of the tracts in the group, or groups selected. The highest bidder will have the priority to select the group, or groups desired, by adding the highest bid amount onto the total amount of each group selected (these groups do not have to be contiguous). This process will continue until all the groups have been selected, or the minimum bid of $5,000 is not attained.


Tract 1: 2.04 Acres Tract 2: .75 Acres Tract 3: .70 Acres Tract 4: .73 Acres Tract 5: 1.05 Acres Tract 6: 1.10 Acres Tract 7: 1.29 Acres Tract 8: 1.27 Acres	Tract 9: .71 Acres Tract 10: .71 Acres Tract 11: .71 Acres Tract 12: .71 Acres Tract 13: 1.11 Acres Tract 14: 1.38 Acres Tract 15: 1.67 Acres Tract 16: 1.73 Acres	Tract 17: 1.47 Acres Tract 18: 1.29 Acres Tract 19: 7.25 Acres Tract 20: 5.35 Acres Tract 21: 12.03 Acres Tract 22: 11.23 Acres Tract 23: 6.02 Acres Tract 24: 5.03 Acres	Tract 25: 5.22 Acres Tract 26: 5.03 Acres Tract 27: 9.35 Acres Tract 28: 11.22 Acres Tract 29: 4.27 Acres Tract 30: 4.21 Acres Tract 31: 5.49 Acres Tract 32: 10.07 Acres	Tract 33: 12.97 Acres Tract 34: 5.60 Acres Tract 35: 9.59 Acres Tract 36: 3.12 Acres Private Road A: 1.86 Acres Private Road B: 1.49 Acres Private Road C: 1.02 Acres Private Road D: 0.34 Acres

Note: No sale is final until all offerings have been made.
The property will be sold in the manner realizing
the most money for the seller.