Virtual Online Auction
Sale Date: Thursday, September 19, 2024
Sale Time: 10:00 AM CDT
Sellers: Bill & Bev McGregor locally known as Ridgewood Lounge II
SOLD!!
TRACT 1 – $90,000.00 LUMP SUM
TRACT 2 – $60,500.00 LUMP SUM
TRACT 3 – $31,000.00 LUMP SUM
TOTAL – $181,500.00
OPEN HOUSE:
MONDAY, SEPTEMBER 9
10:00 AM – 3:00 PM
Mark your calendars now for this upcoming Lee County, Iowa Real Estate & Personal Property Auction. Bill & Bev McGregor are retiring after almost 50 years of being in business. We urge you to come take a look at these 3 Tracts located just outside of the Fort Madison city limits! We look forward to seeing you at the inspection on September 9th, from 10AM-3PM. Loader & operator will be available the day after the sale to assist in loading. Not responsible for accidents, errors or omissions. All items are sold as-is, with no guarantees or warranties.
Bar equipment & personal property will be divided into 2 rings. Items will sell after the real estate as a timed online only auction. Please click HERE for more information.
Representing Attorney:
Gregory A. Johnson
516 7th Street
Ft. Madison, IA 52627
(319) 372-2532
Auction Manager:
Kaycee McGregor (319) 670-8532
BIDDING IS NOW LIVE!
INTERACTIVE AREA MAP
AERIAL MAP
TRACT 1
- Physical address: 2613 Highway 2, Fort Madison, IA 52627
- This tract features a very well maintained 1-1/2 story, 4-bedroom, 3-bathroom home built in 2003. The home is 1,946 sq. ft.
- Walkout basement, 378 sq. ft. wooden deck
- Optional gas or wood furnace heat
- Rathbun Rural Water
TRACT 2
- Physical address: 2615 Highway 2, Fort Madison, IA 52627
- This tract features a single story 3-bedroom, 2-bathroom manufactured home that has been newly remodeled
- Also included is a 24’x26’ shop with an apartment/office area (2-room, 1-bathroom)
- This tract offers MANY opportunities!
- Rathbun Rural Water
TRACT 3
- Physical address: 2617 Highway 2, Fort Madison, IA 52627
- This tract features a 40’x 90’ commercial building on 1.00 surveyed acres
- Commonly known as the “Ridgewood Lounge II”
- This is a full-service income producing nightclub
- This tract offers several business opportunities!
- Great hard surface road frontage!
- Rathbun Rural Water
METHOD
The McGregor Real Estate will be sold in 3 individual Tracts. Tract 1 will be sold first for a lump sum total dollar amount followed by Tract 2 which will be sold for a lump sum total dollar amount, followed by Tract 3 which will be sold for a lump sum total dollar amount. The Tracts will NOT be offered in its entirety or in any combinations. Bidding is NOT contingent upon financing, an appraisal or inspection. A survey has been completed.
TERMS
Ten (10%) percent of the bid price to be due on the day of sale with the balance due in approximately 30 days, on or before Wednesday, October 23, 2024 upon delivery of a merchantable abstract and deed.
At the conclusion of the auction, the successful bidder(s) shall enter into a written agreement with the seller. Signing of said agreement will be executed via email or DocuSign. The real estate taxes will be prorated to the date of closing. Full possession will be given at the time of closing. All tracts are serviced by a septic system and are subject to the IA Septic system law. The septic system will require testing, all testing and required updates will be at the buyer(s) expense. For questions or complete details contact the Auction Representative.
The information in this brochure is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines drawn on maps, photographs, etc. are approximate. The Buyer acknowledges that they have carefully and thoroughly inspected the real estate and are familiar with the premises. The Buyer is buying this real estate in its “as is” condition and there are no expressed or implied warranties pertaining to the real estate. All announcements sale day shall take precedence over any prior advertising either written or oral.
