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KENTUCKY LAKE WATERFRONT AUCTION

KENTUCKY LAKE WATERFRONT AUCTION

WHEN: SATURDAY, February 29th, 2020
TIME: 10:00 AM
WHERE: 88 & 90 The Cove Lane, Gilbertsville, KY 42044

OPEN HOUSE: Sunday, February 16th 2-4PM

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Terms

TERMS AND CONDITIONS

PROCEDURE: The property will be offered in 1 individual tract.

BUYERS PREMIUM: A 10% Buyer’s Premium will be added to the final bid and included in the deed transaction sale price.

DOWN PAYMENT: 15% as down payment on the day of the auction with balance in cash at closing on or before 30 days. The down payment may be in the form of cashier’s check, personal check, or corporate check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, SO BE SURE YOU HAVE ARRANGED FINANCING, IF NEEDED, AND ARE CAPABLE OF PAYING CASH AT CLOSING.

CLOSING: Closing shall take place on or before 30 days from auction date.

REAL ESTATE TAXES: All 2020 ad valorem taxes will be prorated at closing

SURVEY: The property will be sold by the deed.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials is subject to the Terms and Conditions outlined in the Purchase Agreement. ANNOUNCEMENTS MADE BY THE AUCTION COMPANY AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL, OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller or Auction Company. Each potential bidder is responsible for conducting his or her own independent inspections investigations, inquires, and due diligence concerning the property. The information contained in this brochure is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. All sketches and dimensions in this brochure are approximate. Except for any express warranties set forth in the sale documents, purchaser(s) assumes all risks thereof and acknowledges that in consideration of the other provisions contained in the sale documents, Seller and the Auction Company make no warranty or representation, express or implied or arising by operation of law, including an warranty of merchantability or fitness for a particular purpose of the property, or any part thereof, and in no event shall Seller or the Auction Company be liable for any consequential damages. Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer. The Seller and Auction Company reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the auctioneer are final.

NEW DATA, CORRECTIONS, AND CHANGES: Please arrive prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.

By harrisauctionFebruary 25, 2020

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Kentucky Lake Waterfront Auction

KENTUCKY LAKE WATERFRONT AUCTION

Saturday, September 21st, 2019 @ 12:00 PM

12710 U.S. HWY. 68 East, Benton, KY  42025

OPEN HOUSE: Saturday, September 7th From 1:00 PM – 3:00 PM

 

SPORTSMANS

LODGE – CAMPGROUNDS – MARINA

OVERLOOKING KENTUCKY LAKE AT JONATHAN CREEK

FULLY OPERATIONAL BUSINESS WITH CASH FLOW INCOME STARTING THE DAY YOU CLOSE!!

POTENTIAL ANNUAL RENTAL INCOME OF $2,354,322.00 BASED ON A 274 DAY SEASON

20.38 ACRES IN 7 TRACTS & COMBINATIONS

REAL ESTATE TRACTS: Tract 1: Hotel with 16 Units, 2 Condos, 16 Waterfront RV Sites, & Lake View Cabins on 4.47 Acres, Tract 2: Full Service Marina with 170 Slips, General Store, & 2 2,500 Fuel Tanks on 0.5 Acres, Tract 3: 6 Cabins, 1 Park Model, & 44’ X 80’ Metal Building For Boat Works & Office Area on 1.94 Acres, Tract 4: Condo House with Full Basement, 3 Park Models, 1 Mobile Home on 1.17 Acres, Tract 5: Liquor Store, Game Room, Coin Laundry Room, Men’s & Woman’s Bathhouse, Pool, Playground, 54 RV Park Waterfront & Marina Campsites, 5 Park Models, & 20 Primitive Campsites on 7.52 Acres, Tract 6: 2.63 Acres, Tract 7: 2.15 Acres

TOTAL POTENTIAL ANNUAL RENTAL INCOME: $2,354,322.00

PLUS 3 Year Annual Average of $50,000.00 in Fuel Sales and $52,000.00 in Beer/Liquor Sales.

Annual Property Taxes, Monthly Insurance Premium, & Income Tax Returns Available upon Request and Will Only be Sent to CPA by Secured Method

THIS WATERFRONT PROPERTY OFFERED AT 12:00 PM!

 AUCTION HELD ON SITE REGARDLESS OF WEATHER!

REAL ESTATE TERMS: 15% Down Due Day Of The Sale With Cash Balance In 30 Days. A 10% Buyer’s Premium Will Be Added To The Final Bid & Included In The Contract Price. Buyer Will Be Required To Sign A Lead Based Paint Disclosure Waiving The Opportunity To A 10 Day Post Sale Inspection. Make Inspections Prior To Date Of Sale.

By harrisauctionSeptember 24, 2019

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