Property Overview: This is a rare opportunity to own part or the entire farm that has been owned by the same family for over 100 years! Ms. Joy Ledbetter, through her trust, gifted the Ledbetter Farm to the Southern Baptist Foundation which will support both national and international missions. The Foundation has commissioned Glaub Farm Management and Hendrix Auction & Realty to sell this Arkansas farmland by auction on July 12, 2023 at 10:00AM CST. Bidding will be live at the Jonesboro Hilton Garden Inn and online.
The Ledbetter farm is located approximately 18 miles west of Jonesboro, AR in Craighead County. The farm consists of 2,146.66 +-/- total surveyed acres with 1,970.16 FSA cropland acres. Approximately 1,300+/- acres are currently irrigatable and have a history of producing rice, soybeans, corn, wheat, and sorghum.
In addition to cropland, this property has a variety of current and potential uses. As the new owner, you can duck hunt along the Cache River flyway, dove hunt, deer hunt and create spacious food plots and resting spots. Part of this property could be an ideal recreation, home site, hobby farm, horse or cattle ranch. Part of the farm may also fit a solar lease as a 171 kV transmission line runs through part of the farm. With the variety of attributes, the possibilities are numerous.
The farm will be auctioned in up to seven (7) tracts, each with its own distinctive features. Bidders may come in person to bid or sign up to bid online. Bidders will have the option to purchase the entire property, individual tracts, or any combination of tracts that best suit their needs. Whether you're looking for a smaller parcel or the entire farm, there are options available.
Soils & Topography: Soils are good to average quality with predominantly silt loam profiles. The average National Commodity Crop Productivity Index (NCCPI) for the farm is 67.2 which is slightly higher than average for Craighead County at 64. The property has mostly level land with some acreage rolling. According to the topography map the elevation ranges from 228 to 252 feet above sea level.
Irrigation & Groundwater: The property irrigation system consists of a relift station on the Cache River and 9 irrigation wells that are currently being used. The alluvial aquifer supplies groundwater to the farm. The current water table depth is approximately 60 feet.
Farm Leases: Historically and currently, the cropland has been rented on a 25% net rent. The Southern Baptist Foundation intends to keep the 2023 crop while allowing any winning bidder immediate possession of non-cultivated areas so that food plots or farm improvements can commence. The farm has two lessees and both have expressed interest in continuing to lease the farm from the new owner(s). Previously, the Ledbetter Trust held duck and deer hunting leases on the property. However, all hunting rights for the upcoming fall are reserved exclusively for the new owners. Additionally, there is a duck pit located on Tract 3, and two more on Tract 4, which were originally utilized and owned by the previous hunting lessee. The previous hunting lessee has been granted the right to either remove these pits or negotiate a sale with the new owner(s) within two weeks after completion of harvest in the fields where they are located.
Improvements: There are two site locations on the farm. The first is located on Tract 4 and includes 2 – 20,000-bushel grain bins and 1 – 40,000-bushel grain bin. Tract 5 has a site location with 4 – 8,000-bushel grain bins.
Property Taxes: $30,047.10 ($14.11/acre) - Per County 2022 Tax Records
Inspections: Contact Glaub Farm Management, LLC to inspect
Auction Date & Time: Online bidding will be opened prior to the live auction which begins Wednesday, July 12, 2023 @ 10:00 AM CST. Registration starts @ 9:00 AM for live bidders. Online bidders must be registered at least 24 hours prior to the auction. Both live and on-line bidding will end simultaneously when the auctioneer closes the live bidding. Audio and video will be available for online bidders to follow the auctioneer through the bidding website.
Auction Location: Hilton Garden Inn, 2840 S Caraway Rd, Jonesboro, AR 72401
