Westchester Auctions Tennessee Land Sale Brings $4.1 Million

. April 9, 2009

On April 7, 2009, an auction of 5,835 contiguous acres in Cumberland County, Tennessee, attracted 34 bidders, one of whom spent just over $4.1 million for the four tracts of land, averaging over $700 per acre. The sale of the Walden Reserve Property garnered national and international interest due to the continuity of the land with its significant timber value and recreational opportunities.

“You just don’t find the opportunity to purchase 5,835 contiguous acres in this part of the country,” says Scott Shuman, vice president of Westchester Auctions, LLC and auction manager for the Walden Reserve Property. “This rarity, along with the investment potential, attracted interest from around the country as well as overseas.”

Westchester Auctions, a national auction and real estate marketing company based in Champaign, Illinois, conducted the auction of the land. The auction drew more than 150 individuals to the Cumberland County Community Complex in Crossville, Tennessee. Potential buyers traveled to the Tennessee auction from Florida, Illinois, Massachusetts, Maryland and Minnesota.

“The success of the Walden Reserve Property auction confirms that investors are still purchasing land in today’s economy,” says Shuman. “With the stock market in a recession many investors are turning to land as a viable investment.”

Westchester Auctions offered the property, located 60 miles from Knoxville, Tennessee, as four tracts of land. The tracts ranged in size from 240 to almost 3,000 acres and featured premier land for merchantable timber, hunting and recreation, and beautiful mountain views.

Westchester Auctions, LLC is a national real estate and auction marketing firm. They utilize their marketing expertise and multi-parcel auction system to allow bidders to compete continuously throughout an auction, helping institutional, corporate and individual landowners achieve the highest price possible for their real estate. For more information on why Westchester Auctions is The Land Marketing Authority, visit www.westchester-auctions.com.

Category: Auction News

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