Five Oaks going up for sale.

[novacaine]

I am sitting in a room in Florida right now with 5 oaks chief biologist. He told me at lunch that Dunklin bought it back yesterday. He didn't tell me the exact price of sale but he did say that 5 bidders showed up and that JR. Had to pay over $70 million to buy back the family farm.


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Would that be Mr Pagan???????????????

[mlj300]

I am sitting in a room in Florida right now with 5 oaks chief biologist. He told me at lunch that Dunklin bought it back yesterday. He didn't tell me the exact price of sale but he did say that 5 bidders showed up and that JR. Had to pay over $70 million to buy back the family farm.


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Would that be Mr Pagan???????????????

Yep super nice guy, very knowledgeable on all things duck.


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[mlj300]

What could possibly be worth 44,000 per acre? The farming? The timber? Cause if somebody is paying that for duck hunting, then caca has gotten out of control.

Exactly. The Coca-cola club went/was listed for a ridiculous amount per acre if I recall, but it wasn't more than $10k per acre I guarantee.[/

84 million dollars/15000acres=$5600 an acre. $5600 an acre is probably not that bad of a price for that place. Especially when you take into account that the guy who bought it all ready owned half of it. So he actually only payed $2800 an acre for a grand total of $42 million. I'm not Asian or anything, just a white guy who is decent at math. :0


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[Wildfowler]

84 million dollars/15000acres=$5600 an acre. $5600 an acre is probably not that bad of a price for that place. Especially when you take into account that the guy who bought it all ready owned half of it. So he actually only payed $2800 an acre for a grand total of $42 million. I'm not Asian or anything, just a white guy who is decent at math. :0


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Sorry but I'm going to have to ask you to explain that. If he paid 84 million, how did he only pay half that? Did he get a refund after writing the 84 million check?

I'm obviously missing something?

Thanks

[pondman]

If I'm understanding it right, he and his sister (who sounds like a real piece of work) owned the property together. Basically all he had to do was buy her out. The rest of the bidders had to buy him AND his sister out. I believe the reason it went to auction is because that was the only way the sister thought she would get a fair price for her half.

Basically she was willing to sacrifice the family farm to make sure she got maximum dollars.

Pomd

[mlj300]

84 million dollars/15000acres=$5600 an acre. $5600 an acre is probably not that bad of a price for that place. Especially when you take into account that the guy who bought it all ready owned half of it. So he actually only payed $2800 an acre for a grand total of $42 million. I'm not Asian or anything, just a white guy who is decent at math. :0


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Sorry but I'm going to have to ask you to explain that. If he paid 84 million, how did he only pay half that? Did he get a refund after writing the 84 million check?

I'm obviously missing something?

Thanks

^^^^^what pondman said^^^^^


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[mlj300]

84 million dollars/15000acres=$5600 an acre. $5600 an acre is probably not that bad of a price for that place. Especially when you take into account that the guy who bought it all ready owned half of it. So he actually only payed $2800 an acre for a grand total of $42 million. I'm not Asian or anything, just a white guy who is decent at math. :0


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Sorry but I'm going to have to ask you to explain that. If he paid 84 million, how did he only pay half that? Did he get a refund after writing the 84 million check?

I'm obviously missing something?

Thanks

^^^^^what pondman said^^^^^


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[Wildfowler]

So I guess this means he wrote a check for 84 million to his sister? So he now owns the whole place and paid 84 million for it? Wow!

I still don't understand the 42 million part but I guess this is the answer above? I guess I had one too many fishbowl margaritas last night and my head is still not on straight this morning.

[SkippyJ]

Word I got from a friend up there was Dunklin and a "investor" for 85 mil.

[YazooValley]

So I guess this means he wrote a check for 84 million to his sister? So he now owns the whole place and paid 84 million for it? Wow!

I still don't understand the 42 million part but I guess this is the answer above? I guess I had one too many fishbowl margaritas last night and my head is still not on straight this morning.

As the buyer, he wrote a check for $84 million. As one of the two sellers, he got a check for $42 million. Less the auction house's cut. And lawyers fees.

But he still had to pay $5600 an acre for the sister's half.

[Wildfowler]

Thanks for dumbing down for me.

So he did receive proceeds at the closing. Did not pay 84 million for half of the property, he paid 84 million for all of the property.

[Ole Goat]

and now he also has potentially up to $42 million of gain to account for to our friends in Washington

[mlj300]

So I guess this means he wrote a check for 84 million to his sister? So he now owns the whole place and paid 84 million for it? Wow!

I still don't understand the 42 million part but I guess this is the answer above? I guess I had one too many fishbowl margaritas last night and my head is still not on straight this morning.

As the buyer, he wrote a check for $84 million. As one of the two sellers, he got a check for $42 million. Less the auction house's cut. And lawyers fees.

But he still had to pay $5600 an acre for the sister's half.

Let's look at it like this. He bought roughly 7500 acres for $5600 an acre and he got the second 7500 for free, less fees. This is because he already owned half the property so half of the money it sold for rightfully belongs to him. Geese I feel like in playing cards with my sisters kids.


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