Next month, the South Barrington Park District is auctioning off over 30 acres of vacant land near Route 59 and Bartlett Road that was, at one point, valued at $3.5 million and was once the site of a tree nursery.
The roughly 34 acres of land, at Sutton and Bartlett roads, will be sold to the highest bidder Aug. 5, according to a news release earlier this month from Rick Levin and Associates Inc. announcing the auction. The firm is conducting the sale.
“The Board of Commissioners is making a prudent business decision to sell this excess land sooner rather than later and using the sales proceeds to further our mission of serving the needs of our community,” park board commissioner Peter Perisin said in the release.
The land has been valued at $3.5 million. The suggested opening bid for the entire parcel is $500,000, according to the release. Following the auction, the purchase will have to be approved by the park board.
More information is available by visiting www.ricklevin.com or calling the firm. Terms of sale, a survey of the property and a recent appraisal, which includes information about the property, are the site.
The site also will post a draft purchase agreement by Aug. 24, said Rick Levin, president of Rick Levin and Associates Inc.
Levin said the property being auctioned off is in a “desirable area” and he called the auction a good time for buyers to consider such opportunities.
“The stock market is at an all-time high, interest rates at an all-time low,” he said.
Registration begins at noon and the bidding starts at 1 p.m. at the South Barrington Park District building, 3 Tennis Club Lane. Due to continued concerns over the spread of COVID-19, capacity will be limited and require auctioneer and seller to limit access to registered bidders and invited guests only.
For those who do not want to go to the Park District building, remote bidding will be available by phone, officials explained.
Amanda Marrazzo is a freelancer.