Longtime Medical Lake family to sell land adjacent to Silver Lake Nov. 15
An aerial view of the three pieces of property that Bob and Janice Reitmeier plan to sell In an auction on Nov. 15.
Former Washington State Dairy Farmers of the Year, Bob and Janice Reitmeier have retired and are selling their 457-acre dairy farm with frontage on Silver Lake at Absolute Auction on Nov. 15.
Saying it is time to put property on which he grew up into the hands of others, Bob Reitmeier is selling the 457-acre dairy farm with frontage on Silver Lake at Absolute Auction on Nov. 15.
"I was raised on this farm as a boy," Bob Reitmeier, 76, said in a press release from auctioneer, J.P. King. "My wife (Janice) and I raised our own kids on this farm, but timing is right for us to move on. There is now a higher and better use for the property than for a dairy farm."
The auction will be held at the Hampton Inn Airport – Spokane, located at 2010 S. Assembly Road. Registration will begin at 9:30 a.m. A cashier's check, in the amount of $25,000, will be required to bid and is to be made payable to the Bidder. The auction will begin at 11 a.m.
Bids will be accepted on the entire property, or the three individual parcels.
"Now that they're older and raised their children there, they just decided to sell the property," Mandy Courington, marketing director for J. P. King Auction Company said from company headquarters in Gadsden, Ala.
With one mile of frontage on Silver Lake, the Reitmeiers reportedly have residential developer interest. One of the interior parcels also has an undeveloped plat of 94 lots on it.
Gonzaga University recently purchased five acres of the Reitmeier's property which is adjacent to the parcels being offered at auction. The university is in the process of constructing a rowing team facility with access to the lake.
"It's beautiful property, it's got about a mile of frontage on Silver Lake for development," Courington said.
Conjecture is that an investor or developer will buy the property and build homes. The opposite side of the lake is developed. "That's exactly what we think is going to happen on this side as well," Courington said.
When asked to speculate on what the property might fetch, Courington said,
"It's a who knows." She did indicate, however, it is an absolute auction. She explained of the process that stipulates, "It will be sold regardless of price to whomever the high bidder is."
Some auctions have a reserve price and if that number is not reached the seller can withdraw the property.
J. P. King Auction Company, a nationwide premier auction marketing firm based out of Gadsden, Ala. is conducting the live auction event in conjunction with Whitney Land Company in Pendleton, Ore. Information regarding the auction is available at http://www.jpking.com or by calling (800) 662-5464.
Paul Delaney can be reached at [email protected].
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