625+- Acres with 84 Acres no-tilled in 2016 and an additional +/- 200 acres planned for no-till in 2017 bringing the tillable total to around 300 acres. The balance of the property is primarily recreational and includes a 25% Mineral Rights Share to the Coal Slurry Minerals present below the surface. This is a very unique Investment Property located in Fulton and Knox County IL near Middle Grove, 5.5 miles west of Farmington, situated north of IL Route 116 and west of Middle Grove Road, with 1.25+- miles of frontage along Route 116 and 1+- mile of frontage along Middle Grove Road. All 625 acres are contiguous. Originally listed at $2,877,300.
Several improvements have been made to this property in the last year to be able to convert this ground into as much tillable property as possible. The current tenant farmer and owner believe that as much as 300 acres will be able to be tillable in 2017.
2015 Appraisal by a Certified Senior Appraiser estimates a property value of $59.9 Million based on a $40/Ton market value for coal. The appraisal is based upon numerous borings and coal slurry samples collected by professional engineers and tested by a professional laboratory. The appraisal estimates that there are 24,957,000 tons of coal slurry deposited within the limits of the property with a value of 6% of fair market price of coal.
Sale Price = +/- $3,700/Acre = $2,315,000, with 25% share of Mineral Rights to transfer with land. Copies of the 2015 coal slurry appraisal as well as all of the borings and lab testing analysis of the coal slurry are available for review by contacting the listing agents. Owner will also entertain and consider all written offers to purchase the entire property with 100% transfer of mineral rights.
Several buildings located on the southwestern portion of the property were formally utilized by the old coal mining operation. Property was reclaimed in the past and inspected by IDNR during the reclamation process. A very deep water well is located on the property north of the existing structures located in the southwest portion of the property which will be of great value to any future coal slurry recovery operation. Owner will retain 75% share of mineral rights and controlling interest in negotiating with any future mineral extraction operations. Any future mining will require state permits and a full reclamation plan with bonding as well as county zoning/special use approvals to be obtained by any company who proposes to extract the coal slurry for sale.
Owner will entertain selling off the buildings separately, but will maintain rights to the deep water well. This property by itself would make a great trucking or industrial type use with a large yard area already improved with gravel and concrete. It was formerly used by a Coal Company for equipment repair, storage and general operations.
Property as is would make an excellent recreational property for deer and upland game hunting or establishment of a hunting club or wildlife preserve, with plenty of income from the tillable land.
Owner will place deed restrictions at time of sale that will require all new structures proposed by future land title holders to require unanimous siting approval by entity/entities with controlling mineral rights interest. Owner will place deed restrictions at time of sale that will require future land title holders to not oppose or hinder in any way all future efforts by the entity/entities with controlling mineral rights to extract any minerals including the existing coal slurry deposits. All deed restrictions will be prepared by an attorney and made available for review prior to closing.
Property showings available by appointment to pre-qualified buyers only. Pre-Qualification details will be provided by the listing agents upon request.
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