Rifle parcels set to go to auction for more than $2 million
Citizen Telegram Editor
Two large parcels of land in Rifle are scheduled to be auctioned off for more than $2 million each on Tuesday, June 24.
Sheldon Good & Co. will auction off the 135-acre Rifle Ranch and 16.63-acre Rifle Centre to the highest bidders. Both parcels are to be sold subject to minimum bids.
Sheldon Good is a 49-year-old real estate auction firm that has sold billions of dollars of properties in every asset class of real estate, from commercial and industrial properties to single family residences, according to the company.
A spokeswoman for Sheldon Good said the single seller of both Rifle parcels wanted to remain anonymous in terms of press coverage. However, the seller’s representative, who also reportedly didn’t want his name used, emailed a quote:
“The auction of the two properties in Rifle is a result of an old partnership disbanding, this is not a distressed sale,” stated the seller representative. “As we were closing out the partnership, we discovered Sheldon Good’s proven auction methodology and firmly believe it is the best way for us to achieve a quick and effective sale for the last remaining large development pieces in Rifle’s thriving retail corridor.”
Rifle Ranch, 11747 County Road 320, is an irrigated flat parcel that the auction company said will sell at or above $2.7 million and includes senior water rights from the Loesch Crann ditch. The parcel lends itself to many different development options or the continued use of agricultural land. Rifle Ranch produces approximately 100 tons of hay a year.
Rifle Centre, 500 Airport Road, is to sell at or above $2.5 million. It offers prime development land, between Choice Liquors and the Rifle Commons Shopping Center next to Walmart, across from the Grand River Medical Center.
“The development opportunities on these two parcels are endless, and both provide tremendous upside potential,” said John Cuticelli, chairman of Sheldon Good & Co.
Cuticelli added as properties remain unsold for some time, more and more are being sold at auctions.
“Auctions help create a sense of urgency to sell,” he said. “These are not distress sales, but they’ve been on the market for a long time and this is just the last piece toward a sale.”
Cuticelli added the goal is to sell both Rifle parcels.
“The seller has said he wants to sell at or above the minimum bids, so I will sell this property,” he said. “I would say $20,000 an acre is a very compelling price for 135 acres. And $150,000 an acre for a prime development site is a good deal, too.”
Buyers must be willing to sign a purchase agreement and put 5 percent of the winning bid down to complete the sale, Cuticelli said.
Sheldon Good has conducted successful area auctions in Aspen, Gypsum and the Ironbridge Goal Course in Glenwood Springs, Cuticelli noted.
Bids are to be delivered to Sheldon Good & Co., Attn.: Rifle, Colo. Project Manager, 488 Madison Ave., Suite 201, New York, NY 10022, by 3 p.m. MDT, on June 24. For additional information on the auction and to view the property by appointment, call 800-516-0014 or visit RifleLand.SheldonGood.com.
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Photographer Kyle Mills and editor Alex Zorn took home awards at the recent Colorado Press Association Convention, held in Aurora.