East Coast Brokers auctions raise $68 million - The Packer

East Coast Brokers auctions raise $68 million

08/21/2013 08:35:00 AM
Doug Ohlemeier

East Coast Brokers & Packers Auctions of East Coast Brokers and Packers Inc. property, acreage and equipment have brought $68.7 million.

Auctions on Aug. 15, 16, 19 and 20 featured assets of the Mulberry, Fla.-based East Coast and properties from the Madonia family owners.

At auctions in Lakeland, Fla., and Exmore, Va., buyers bid on thousands of acres of Florida and Virginia farmland and packing facilities, labor housing and other agricultural assets as well as luxury homes and a motel, according to a news release.

Up for sale were 7,377 acres in Florida and 3,228 acres in Virginia, packing and cold storage operations, two $1 million luxury resort homes and condominiums in Florida and the Madonia-owned Red Rose Inn & Suites hotel in Plant City, Fla., and other non-agricultural assets.

Chapter 11 trustee Gerard McHale Jr. declared the auctions an “unqualified success,” in the release.

“All of these properties were well marketed, and the auctions each day were competitive and professionally run,” he said in the release. “I believe we’ve achieved the best results we could have expected at this point.”

The auctions, conducted by Murray Wise Associates, attracted capacity crowds in both states, Ken Nofziger, president, said in the release.

Auctions are scheduled for Aug. 28 in Mulberry to sell tractors, forklifts, trucks, specialized tomato implements and other agricultural equipment.

Another auction is scheduled for Sept. 4 to sell similar equipment in Greenbush, Va.

The auction company plans to allow online bidding for both those live auctions.

Once one of Florida’s largest tomato grower-shippers, East Coast halted operations last fall and then filed for bankruptcy protection in March.



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