Florida Farmland, Tomato Assets Sell For $48 Million+

Florida Farmland, Tomato Assets Sell For $48 Million+

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Thousands of acres of Florida farmland, along with packing facilities, labor camps, and other assets used for growing and processing tomatoes sold for $48,740,000 in the first of four auctions of real estate assets owned by East Coast Brokers & Packers, the Madonia family, and several of their affiliates. 

Back in March, facing massive debt, the longtime Plant City-based tomato grower/shipper filed for bankruptcy protection.

A large crowd gathered at the Lakeland Center for the first auction, which was managed by Murray Wise Associates, Woltz & Associates, and Crosby and Associates. “We had a fantastic crowd and more than two hours of very active bidding, and we’re very pleased with the results,” said Ken Nofziger, president of Murray Wise Associates.

The property sold to nine different bidders after a vigorous competition.

Various plots of Florida real estate, including the Red Rose Inn & Suites in Plant City, were sold at subsequent auctions.

Next, the proceedings in this case were scheduled to move to Virginia for auctions covering several real estate-based assets as well as another glut of farm-related properties and equipment primarily in Accomack and Northampton counties. 

More details are available at MurrayWiseAssociates.com.