Auction Items For Sale
ONLINE BIDDING ONLY
BIDDING ENDS THURSDAY, JULY 9 @ 4:00 PM EDT
LOCATED IN LAWRENCE COUNTY at 1244 Sugartree Road, Martha, KY 41159. Approximately 25 miles southwest of Louisa KY and 50 miles south of Ashland, KY and Huntington, WV. From Louisa, KY take HWY 32 about 24 miles to the Martha Community. At Ralph’s Market, turn left on HWY 469 and go 2 miles to HWY 1715. Turn right and go 1 mile to Sugartree Road (also known as Kelly Hollow) and follow 1.7 miles to the property.
BARR REALTY & AUCTION CO., INC. and FORD BROTHERS INC. AUCTIONEERS have been selected by Losowe Resources LLC and Gibraltar Founders Fund LLC to conduct this online absolute auction. Auctioneers Devin Ford, Mark Barr, Stephen Barr, Jamie Barr, Chris Barr, Dennie Armes, Bobby Carwile, and App. Evan Barr with offices in Hardinsburg and Brandenburg, KY.
415 ACRES MINERALS GAS & OIL
ONLINE BIDDING ONLY
Bidding Ends Thursday, July 9 @ 4:00 PM EDT
Selling Regardless of Price
Going on the auction block, selling by online bidding only will be approximately 415 acres all wooded, near Yatesville Lake Wildlife Management Area. Improvements include an older mobile home with addition, city water. ATTENTION DEER HUNTERS, TURKEY HUNTERS, ATV RIDERS AND OUTDOOR ENTHUSIASTS: Do not let this property pass you by! There are miles and miles of jeep trails on this property and it is a prime wildlife habitat. According to KDF&W records there were 892 deer harvested in Lawrence County in 2019. It has not been mined or clear cut and it is not steep mountain terrain. Please inspect prior to bidding. INSPECTION: You may inspect the mobile home and land on your own anytime during daylight hours. If you need help placing a bid call us at 270-422-2136.
Click below to view the drone video
The farm will be sold in Ten (10) land surface rights tracts and Two (2) mineral, gas & oil tracts. It will also be offered in its entirety, which will include all the land surface rights tracts and the mineral, gas & oil rights tracts that the sellers own.
The land surface rights tracts are:
TRACT 2: 30.13 ACRES
TRACT 3: 35.76 ACRES
TRACT 4: 17.93 ACRES
TRACT 5: 54.32 ACRES
TRACT 6: 36.72 ACRES
TRACT 7: 41.09 ACRES
TRACT 8: 24.39 ACRES
TRACT 9: 74.82 ACRES
TRACT 10: PVA TRACT 05-53 = 50 ACRES (more or less)
TRACT 11: PVA TRACT 05-52 = 50 ACRES (more or less) with mobile home and water meter
- Tract 12: Includes all gas, oil and mineral rights on Tracts 2,3,4,5,6,7,8,9, and 10; consisting of 365 acres (more or less) that the sellers own. The sellers believe that they own 25/27 (92%) of the oil, gas and mineral rights on tracts 2 through 9. They believe that they own 50% of mineral rights on tract 10 and 100% of gas and oil rights on tract 10. However, they do not guarantee the amount of ownership that they own. The buyer will receive whatever ownership interest the sellers possess. The seller will transfer to the buyer what interest (if any) that they own in oil wells, tanks, pumps, pump jacks, wiring, piping, and all other miscellaneous equipment.
- Tract 13: Includes all gas, oil and mineral rights on Tract 11; consisting of 50 acres (more or less) that the sellers own. The sellers believe that they own 50% of the mineral rights and 100% of the gas and oil rights. However, they do not guarantee the amount of ownership that they own. The buyer will receive whatever ownership interest the sellers possess. The seller will transfer to the buyer what interest (if any) that they own in oil wells, tanks, pumps, pump jacks, wiring, piping, and all other miscellaneous equipment.
- Tract 14 includes all the real estate 415 acres (surface rights), and mobile home, and all gas, oil and mineral rights (if any) which include tracts 2,3,4,5,6,7,8,9,10,11, 12 and 13.
- The buyer of tracts 12 and 13 oil, gas and minerals or tract 14 real estate and oil, gas and minerals will be required at closing to pay to the seller $10,000 in consideration of an assignment of the existing bond in favor of the State of Kentucky. If tracts 12 and 13 have different buyers, the $10,000 will be prorated on a per acre basis.
- The buyer of tract 10, the Losowe Resources, LLC 50-acres tract known as PVA Tract 05-53 will be required to pay delinquent property taxes in the amount of $500 at closing.
- The 2015 Unmined Coal Taxes of $4,000 have not been paid. The winning bidders of tracts 2 through 11 will pay $9.90 per acre at closing in order to pay off the 2015 Unmined Coal Taxes. Example: Tract 2 = 30.23 acres X $9.90 = $299.27
- If tracts 2 through 11 sell individually, they sell subject to the following verbiage:
- Tracts 10 and 11 are subject to 40-foot ingress-egress and utility easements being 20-foot each side from center of the existing roadway, for the use of tracts 2 through 11.
- There is currently no road maintenance agreement in effect for the roads and right of ways that run throughout the land.
- The mobile home located on tract 11 will be transferred to the buyer by Bill of Sale if the seller can not procure the title to the mobile home.
There are more terms and conditions which are outlined in the purchase agreement and the purchase agreement addendum. Please click the red buttons above to view them.
To view plat, air photo, reports, purchase agreements and addendums click on the red document buttons above.
Losowe Resources LLC and Gibraltar Founders Fund LLC, Owners