Rapidan Golf Club & 8 Land Tracts

SELLING REGARDLESS OF PRICE
AUCTION

Rapidan Golf Course & 8 Land Tracts
35448 Somerset Ridge Road, Locust Grove, VA  22508

Selling Online Only

AUCTION BID DEADLINES: Wednesday, May 6th @ 11 AM & 12 NOON EST
(Please Note NEW Auction Bid Deadline Date)

Click HERE for Flyover Video of Course

Click HERE to Visit the Rapidan Golf Club Website

ASSET DESCRIPTIONS: The auction will consist of 2 separate offerings:

The first offering consists of an 18 hole golf course with two story clubhouse and maintenance building. The property consists of 154.41+/- total acres, Orange County Parcel Numbers:  004A00000000000A0 & 004A000040004A.  A large portion of the property has frontage on the Rapidan River.  All "owned" personal property to be conveyed at the time of closing. 

All golf carts are under a rental agreement and select maintenance equipment finance agreements exist. Purchaser MUST assume equipment finance agreements at the time of closing. Purchaser will have the OPTION of qualifying and assuming the golf cart rental agreement. Copies of the golf cart rental agreement and equipment finance agreements are available in the property information package. To obtain a property information package, please click the "Documents" tab for a confidentiality agreement. Please sign and return the confidentiality agreement. Once received, the information will be emailed for your review. Please do not bid until you have thoroughly reviewed the information.
IMPORTANT UPDATE 3/17/20:  Purchaser will have the OPTION of assuming the cart rental agreement.  In the event purchaser does not want to qualify and assume the cart rental agreement, Seller will have the carts removed prior to closing.  Two equipment finance agreements exist and must be assumed by the purchaser.
IMPORTANT UPDATE 4/29/20: A conservation easement exists on a large portion of the golf course and Orane County Parcel #004A000040004A.  Please find the attached easement survey and other related documentation under the Documents tab.

The second offering consists of eight separate Orange County land tracts that total 19.87+/- acres:
Parcel Numbers: 0040000000005A (2.0 Acres), 0040000000005B (1.264 Acres), 0040000000005C (1.265 Acres), 0040000000005D (2.0 Acres), 0040000000000005H (2.0 Acres), 004A0000D00010 (0.649 Acres), 004A000040004C (5.9 Acres) & 004A000040004B (4.8 Acres)
IMPORTANT UPDATE 3/17/20: Parcels 40004B (4.8 Acres) & 40004C (5.9 Acres) are under an easement granted to the Historic Fredericksburg Foundation, Inc. that limit the uses for these two tracts.  A copy of the easement is posted under the "Documents" tab. Please review the easement prior to bidding.

INSPECTION: Please contact Auctioneer for instructions.

REGISTRATION & BIDDING: Online registration and bidding to start on April 27th.

AUCTIONEER'S NOTE: Due to the unfortunate death of owner, these debt free assets are being sold regardless of price.  We encourage all prospects to inspect the properties, obtain all necessary information, register for the auction and be ready to bid.

TERMS: Please click the "Documents" tab for General Terms and Conditions.

BUYER’S PREMIUM: A 10% buyer’s premium will be added to the high bid. Example: For a high bid of $100,000, a 10% buyer’s premium of $10,000 will be added making the purchase price $110,000.

ONLINE BIDDING: For online bidding instructions, please contact Scott Schwartz at 404-550-3490 or scott@bullseyeauctions.com.

CLOSING ATTORNEY: Davies, Barrell, Will, Lewellyn & Edwards, PLC, 122 W. Cameron Street, Culpeper, VA  22701, Office: 540-825-6000

Auction Conducted by: Hilda W. Allen Real Estate, Inc., 212 Old Quitman Annex Road, Adel, GA 31620, Phone: 229-896-1492.
VAAL# 2907003354 / VARE Firm Lic# 0226010231

Online Auction Facilitator: Bullseye Auction & Appraisal, LLC, 500 Pike Park Drive, Suite F, Lawrenceville, GA 30046 

AUCTION REGISTRATION: In order to register for this auction, prospects can visit www.BullseyeAuctions.com . Bullseye Auction & Appraisal is acting as online bidding administrator for this auction. Online bidding will begin on March 30th. TERMS OF SALE: Winning bidder will pay an earnest money deposit of ten (10%) of the purchase price (bid amount plus buyer’s premium). Upon conclusion of the bidding, Buyer will sign an Auction Purchase and Sale Agreement. Buyer will also submit a non refundable earnest money deposit to Designated Escrow Agent’s Account within 24 hours after the auction. Earnest money deposit can be in the form of check or wire transfer. Successful bidder not executing and returning their contract with earnest money deposit within 24 hours of the auction will be considered in default. Closing must occur within 30 days of contract acceptance. Buyer not closing within the contractual time period to close may forfeit his/her earnest money deposit. Buyer shall execute an Auction Purchase and Sale Agreement for the property immediately after being declared the successful bidder by Auctioneer. A form Auction Purchase and Sale Agreement is available by contacting Auctioneer.

PROPERTY INSPECTION: Call Scott Schwartz at 404-550-3490 for instructions.

PRE-AUCTION OFFERS: Must be on cash terms and must be submitted to Auctioneers no later than 48 hours prior to the auction bid deadline. BUYER'S PREMIUM: Property will be sold with a ten (10%) percent buyer's premium. The bid amount plus buyer's premium equals the final purchase price. For example: A $100,000 bid, plus the $10,000 buyer's premium, equals the $110,000 final purchase price.

FINANCING: Please note that financing is NOT a contingency of this auction. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction. PLATS/SKETCHES/DRAWINGS AND PHOTOS: Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners. TAX EXCHANGE: Seller and Purchaser agree that certain Sellers may effectuate 1031

Tax Exchanges on the property sold herein. Buyer will agree to cooperate and execute necessary documents to enable Seller to consummate said transactions.

EASEMENTS: All property sold is subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record. BUYER'S NOTE: Personal on-site inspection of the property is strongly recommended. Prior to inspecting, please contact Auctioneer for instructions. Failure to inspect property prior to auction does not relieve purchaser of contractual obligations of purchase. Property sells As Is - Where Is with no warranties expressed or implied. Real property to be conveyed by limited or special warranty deed. Only the following sale closing costs will be paid by seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with auctioneer, and as established in these Terms and Conditions; (2) reasonable title corrective expenses, in Seller’s sole determination; and (3) prorated property taxes and back taxes due, if any. All other closing costs, including but not limited to surveys, title examination, tax stamps, loan closing costs, and closing attorney fees are at the expense of the Buyer. Buyers pay all closing fees charged by closing attorney.

Information was gathered from reliable sources and is believed to be correct as of the date this brochure is published; however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Seller or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The seller does not have any liability whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction Purchase and Sale Agreement. Bid increments are at the sole discretion of Auctioneer. Property is selling subject to Seller confirmation. There is no obligation on the part of the Seller to accept any backup bids in the event the high bid falls through.

CLOSING: Closing to occur at the attorney offices designated by the Seller. Seller agrees to pay 0% of the closing attorney fees. Seller will be responsible for the state transfer tax, prorated portion of current year taxes, title corrective expenses and any other fees required by Virginia law.

AUCTION CONDUCTED BY: Hilda W. Allen Real Estate, Inc. 212 Old Quitman Annex Road, Adel, GA 31620 – Phone: 229-896-1492– Fax: 229-896-1180

VAAL# 2907003354 / VARE Firm Lic# 0226010231