Highway S56 , Russell, IA 50238(Wayne County)

Situated in the gently rolling hills of northeast Wayne County, this unique combination tract is minutes from Rathbun Lake and Honey Creek Resort, which provide year-round outdoor recreation such as boating, fishing, hiking, and camping. The areas scenic views and proximity to one of Iowas premier lakes add to the appeal of those seeking a rural escape or long-term land investment. Utilities are readily accessible, with electric service through Chariton Valley REC at the road and a Rathbun Regional Water Association rural water service pit located in the southeast corner of the property, serviced by a 3" rural water line running along the west side of County Highway S56. There are two driveway entrances into the property off the paved county highway, which allows for increased convenience and flexibility in how the property is used.

The tract is leased for the 2025 season, and the current lease expires on March 1st, 2026. A lease termination notice will be given to the tenant, so the farm will be available for the 2026 growing season. The buyer will receive the second half of the 2025 lease payment. Currently, there is no hunting lease on the property, and hunting rights will be immediately available at Closing. Contact Agent for additional lease details.

The property will be offered via an Online Only Auction that will conclude at 3:00 PM on Tuesday, July 1st, 2025, and will be sold on a total price basis. All bidding must be through the Peoples Company BidWrangler platform, and a bid placed within 3 minutes of the scheduled closure of the auction will extend the bidding by an additional 3 minutes until all bidding is completed. Whether youre looking for an acreage or a place to call home, this southern Iowa property with a gentle northwestern sloping topography provides all the scenic views that northeast Wayne County, Iowa, has to offer! The property is located within Section 9 in Wright Township, Wayne County, Iowa.

Auction Details & Terms

Wayne County, Iowa Online Only Auction

32.70 Acres M/L; offered as single tract

Bidding ends: Tuesday, July 1st, 2025, at 3:00 PM (CST)

*The bidding is currently live!

**All bids will be on a total dollar basis for the entire tract.

Online Bidding: Register to bid on our website. Potential bidders may have access to the live auction by utilizing Peoples Company's online auction platform via the Internet. By using Peoples Company's online auction platform, bidders acknowledge that the Internet is known to be unpredictable in performance and may, from time to time, impede access, become inoperative, or provide a slow connection to the online auction platform. Bidders agree that Peoples Company nor its affiliates, members, officers, shareholders, agents, or contractors are, in any way, responsible for any interference or connectivity issues the bidder may experience when utilizing the online auction platform.

Offering a single tract of Wayne County, Iowa land through an ONLINE ONLY auction where all bidding must be done online through Peoples Company's bidding application. Bidding is currently LIVE and will remain open until Tuesday, July 1st, 2025, at 3:00 PM Central Standard Time (CST), with Closing taking place on or before Friday, August 22nd, 2025. A bid placed within 3 minutes of the scheduled close of either auction tract will extend bidding by 3 minutes until all the bidding is completed. If you plan to bid, please register 24 hours before the close of the auction. Under no circumstances shall Bidder have any kind of claim against Seller or Peoples Company or its affiliates if the internet service fails to work correctly before or during the auction.

Farm Program Information: Farm Program Information is provided by the Wayne County Farm Service Agencies. The figures stated in the marketing material are the best estimates of the Seller and Peoples Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc., are subject to change when the farm is reconstituted by the Wayne County FSA and NRCS offices.

Earnest Money Payment: A 10% earnest money payment is required upon the conclusion of the auction. The earnest money payment may be paid in the form of a check or wire transfer. All funds will be held with Peoples Company Trust Account.

Closing: Closing will occur on or about Friday, August 22nd, 2025, subject to court approval. The balance of the purchase price will be payable at closing in the form of guaranteed check or wire transfer.

Possession & Farm/Hunting Lease: Possession of the farm will be given At Closing, Subject to Tenant's Rights as the farmland is leased for the 2025 crop season. The Buyer will assume the crop lease and received the second half cash rent payment. The tenant will be served notice of termination, prior to Closing, and the farmland will be available for the 2026 crop season. Hunting rights of the farm will be available At Closing.

Contract & Title: Immediately upon conclusion of the auction, the highest and best bidder will enter into a real estate sales contract and deposit with Peoples Company the required earnest money payment. The sale is not contingent upon Buyer financing.

Financing: The buyer's obligation to purchase the Real Estate is unconditional and is not contingent upon the Buyer obtaining financing. All financial arrangements are to have been made before bidding at the auction. By the mere act of bidding, the bidder makes the representation and warrants that the bidder has the present ability to pay the bid price and fulfill the Contract.

Court Approval: The highest and best bid, in a written Purchase Agreement, is contingent upon and subject to approval by the Bankruptcy Court for the Southern District of Iowa. A motion will be put before the Court, requiring 21 days to run prior to the Order approving the sale. Closing of a sale approved by the Court will be set not less than thirty-one (31) days and no more than sixty (60) days following the entry of the Courts order. All purchase money will be due in full at Closing.

Property Taxes: All real estate taxes for 2025 will be prorated between the Seller and Buyer to the date of Closing.

Mineral Rights: A mineral title opinion will not be obtained or provided, and there will be no guarantee as to the ownership of the mineral interests on the property. Seller will convey 100% of whatever mineral rights are owned by the Seller without warranty.

Fences: Existing fences, if any, are in as-is condition and will not be updated or replaced by the Sellers. Not all tract and boundary lines are fenced, and if needed, will be the responsibility of the Buyer at closing. Existing fence lines may not fall directly on the legal boundary.

Other: Buyer willfully acknowledges that they have performed their due diligence before bidding on this tract, and this sale is subject to all easements, covenants, leases, and restrictions of record. All property is sold on an As is Where is basis with no warranties, expressed or implied, made by the Auctioneer, Peoples Company, or Seller. All bids will be on a total dollar basis. Peoples Company and its representatives are agents of the Seller, which can accept or reject any and all bids. The winning bidder acknowledges that they are representing themselves in completing the auction sales transaction.

Disclaimer: All property boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Peoples Company. Overall property characteristics may vary from the figures stated within the marketing material. Buyer should perform his/her investigation of the property before bidding at the auction. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from Abstract.