Open House Dates

    Thursday, June 23rd, 4-6PM
    Thursday, July 7th, 4-6PM
    Held on site at the Jackewicz Residence 2955 Walnut Shade Road Magnolia, DE 19962.
    The home and buildings will be open for inspection and auction representatives will be available to answer any questions regarding the property or auction process.

    Property Description

    Located within Kent County’s Growth Overlay Zone and only minutes from Downtown Dover and Highway 1 sits an incredible investment opportunity.

    This unique property is comprised of highly productive irrigated farmland, multiple farm buildings including a 25,000 SF produce packing and cold storage facility and a custom brick two story home.

    The property is zoned Agricultural Conservation which allows for a wide range of potential uses from farming to low density single family home development.

    Tract Total Survey Acres Est. Farmed Acres
    1 3.97 3.9
    2 3.68 3.6
    3 3.68 3.6
    4 182.89 182.0
    5 134.41 123.0
    6 1.53 NA
    7 2.87 NA
    Total 333.03  

     

    Tract 1: 3.97 Acres ideally situated at the intersection of Walnut Shade Road and Briarbush road for a wide range of possible future uses.

    Tract 2: 3.68 Acre potential home site currently being farmed.

    Tract 3: 3.68 Acre potential home site currently being farmed.

    Tract 4: 182.89 Acres with 182± of those acres being tillable irrigated farmland. This productive farmland is serviced by a well with a pumping rate of 720,000 GPD and capacity of 500 GPM. The irrigation equipment includes a 12 tower center pivot and 6-cyliner Detroit Diesel power unit.

    Tract 5: 134.41 Acres of which 123± are irrigated tillable farmland. The irrigation is currently provided by two sources including a well with a pumping rate of 1,728,000 GPD and capacity of 1,200 GPM and surface water via Voshell Pond with a pumping rate of 2,160,000 GPD and capacity of 1,500 GPM. The irrigation equipment includes an 11 tower center pivot, a 6-cylinder Volvo Penta Diesel power unit and a portable diesel power unit. Five farm buildings are on Tract 5 including a 25,000 SF packing and cold storage facility, a 5,200 SF steel vehicle shop, a 3,840 SF masonry tool shop, a 6,050 SF wood frame storage shed and a 600 SF two car garage.

    Tract 6: 1.53 Acres including a stately brick two story home. Tract 6 features a charming and sophisticated farm homestead with 4 bedrooms, 3 bathrooms and a finished basement with separate entrance on 1.53 acres. This original farmhouse has been lovingly updated and expanded, with abundant European and Eastern influences seen throughout.

    The floorplan is designed for dignified, comfortable living, with a first floor master suite, office/study with separate entrance, a large eat-in kitchen, glorious sunroom and sunlit den, fireplace, and formal living and dining areas. The home features an attached two car garage and in-ground pool for relaxing on summer days. Some recent improvements include updated appliances and flooring.

    2955 Walnut Shade RD Magnolia, DE 19962

    Property Type Single Family Home
    Bedrooms 4
    Bathrooms 3
    Sq. Ft. 4,000±
    Lot Size 1.53 Acres
    Heating/Cooling Central Air & Heat
    Schools Star Hill Elementary
    Postlethwait Middle
    Caesar Rodney High

    Tract 7: 2.87 Acres along Walnut Shade road with an 8,800 SF labor housing facility.

    Auction Terms & Conditions

    PROCEDURE: The property will be offered in 7 individual tracts, any combination of tracts, or as a whole property. The property will be sold in the manner resulting in the highest total sale price.
    ACCEPTANCE OF BID PRICES: All successful bidders will sign a Real Estate Purchase Agreement (the “Purchase Agreement”) at the auction site immediately following the close of bidding. All final bid prices are subject to approval or rejection by Seller. Any Purchase Agreement accepted by the Seller will be submitted to the Bankruptcy Court and subject to the Court’s approval and procedures.
    BUYER’S PREMIUM: A five percent (5%) Buyer’s Premium will be added to the final bid price and included in the contract purchase price.
    DOWN PAYMENT: A 10% down payment of the total contract purchase price will be due immediately upon signing the Purchase Agreement. The down payment may be paid in the form of wire transfer, personal check, business check, or cashier’s check. The balance of the contract purchase price is due in cash at closing.
    YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING. CLOSING: The closing date shall be held on a mutually agreeable date within thirty (30) days following Bankruptcy Court approval of the sale with closing to be held at the offices of Gordon, Fournaris & Mammarella, P.A. or at another mutually acceptable location.
    POSSESSION: Possession will be given at closing subject to remaining tenant rights.
    TITLE: Seller shall provide and execute a proper deed conveying merchantable title to the real estate to the buyer(s) free and clear of all liens pursuant to an order to be entered by the Bankruptcy Court.
    REAL ESTATE TAXES AND ASSESSMENTS: The 2016/2017 real estate taxes and assessments shall be prorated to the date of closing.
    FARM INCOME: Seller shall retain all rental income from leases paid prior to closing. Buyer(s) of Tracts 1-5 shall receive a pro-rated share of the final 2016 farm cash rent payment due November 15 based upon estimated tillable acreage of each tract. Contact the Auction Company for details.
    EASEMENTS AND LEASES: Sale of said property is subject to any and all recorded or apparent easements including the leasehold and easement rights of SBA Steel, LLC to install, construct, maintain, operate, modify and repair improvements and equipment on Tract 4 for the facilitation of communications. Tracts 1 through 5 and 7 are subject to farm lease agreements.
    SURVEY: A survey of the Tracts has been conducted by Seller at Seller’s expense. Please contact the Auction Company for a copy of the survey.
    MINERAL RIGHTS: Sale shall include 100% of the Mineral Rights owned by the Seller, if any.
    TRACTS 4 & 5 WELLS: Tract 4 irrigation is served by a well on Tract 4 and also a well on Tract 5. Should the Tracts sell separately a second well will need to be drilled, at Buyer’s expense, to fully operate the irrigation pivot on Tract 4. The electric power for the well on Tract 4 is sourced from the packing facility on Tract 5. Should Tract 4 sell separately from Tract 5, the buyer of Tract 4 will be responsible for sourcing new electric power.
    PERMITS: Tracts 1 thru 4 are benefitted by an irrigation allocation water permit (DNREC ID No. 82484, allocation permit No. 94-0005B). Should tracts 1, 2 or 3 sell separately from Tract 4, those tracts will no longer have irrigation access to the well on Tract 4.
    AGENCY: Murray Wise Associates LLC, Woltz & Associates LLC and their representatives are
    exclusive agents of the Seller.
    SELLER: Shirley A. Jackewicz, the Chapter 12 Debtor-in-Possession. United States Bankruptcy Court, District of Delaware, Case No. 14-11392-BLS.
    DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller or the Auction Company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the Seller or the Auction Company. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Conduct at the auction and increments of bidding are at the direction and discretion of the auctioneer. The Seller and Auction Company reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the auctioneer are final.
    NEW DATA, CORRECTIONS AND CHANGES: Please arrive prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.
    NOTE: Videotaping, flash photography, and/or public announcements will be allowed on auction day ONLY with prior approval from Murray Wise Associates LLC.