Same story, different property. Seller purchased at the height of the market and current bids don’t even come close to their (in all probability) unrealistic asking price.
From the Star Ledger:
A 310-acre farm of preserved land in the heart of New Jersey’s horse country did not sell at auction yesterday because the highest bid — $1.5 million — was not as much as the owners had anticipated.
Eight bidders showed up to the site in North Hanover, which is owned by the state’s largest and most prestigious standardbred breeder and racing stable, Perretti Farms. The company purchased the farm for $2.5 million five years ago, but is winding down operations in the next two years because of the shaky horseracing industry in New Jersey.
Similarly situated properties have sold for $10,000 an acre, said Max Spann, president of the Max Spann Auction and Real Estate, which organized the sale.
The highest bidders “have indicated they’re still interested,” Spann said. In the coming days, the prospective buyer and Perretti Farms will try and work out a deal.