WASHINGTON, D.C. – June 12, 2015 – (RealEstateRama) — Seven properties that have been tax forfeited and under the care of the St. Louis County Land and Minerals Department for years are once again privately owned following today’s land auction.
The sale brought in a total of $285,000 and, more importantly, returned those properties to the property tax rolls.
Approximately 50 people attended the auction, which lasted about a half hour and was held at the St. Louis County Heritage and Arts Center (The Depot). The newly purchased properties range from a six-acre site along Highway 53 in Leiding Township that sold for its appraised value of $4,500 to a 40-acre site in Duluth Township, appraised at $78,400, which sold for $91,000.
Several large properties in Duluth did not sell, and now can be purchased for the appraised price on a first come first served basis at the Land and Minerals Department. These include two sites on 88th Avenue West, one of which is 37 acres at the entrance to Morgan Park; and a site along Commonwealth Avenue. The County worked with the City of Duluth to identify and group these parcels for development as a way to help address the housing shortage in Duluth.
Also still available for sale is a 3.1 acre Park Point property, appraised at $749,500. The lot includes 200 feet of shoreline on the bay side and could be subdivided for single family homes, duplexes or townhomes.
Anyone interested in purchasing these tax forfeited properties can learn more about what’s available at stlouiscountymn.gov/sites. For parcels over $4,000, the County allows buyers to purchase on a contract for deed, with a 10 percent down payment, 10 equal installments over ten years at 10 percent interest. Shorter term financing options are available for parcels below $4,000.
“While we certainly would be excited to have a developer purchase any of these large lots An Equal Opportunity Employer today, we are by no means disappointed in the auction results,” said Mark Weber, Land and Minerals Director. “This is what we typically see. The auction is just the first opportunity for interested buyers to come forward. It takes time for developers and other interested buyers to line up the necessary financing. So over the next few weeks, I expect we will be getting phone calls and more sales will take place.”
A total of 35 properties valued at $1.5 million were offered at the auction. All were tax forfeited, some dating back to the 1930s. In addition to the properties still available in Duluth, there are also properties in Ely, Hibbing, Proctor, and various townships throughout St. Louis County.
Most are residential properties, but there are also commercial and recreational properties available.
The St. Louis County Land and Minerals Department is responsible for maintaining and managing these lots. The St. Louis County Board recognized the potential for sale and re-use of these properties and authorized them to be sold and returned to private ownership. The County typically offers three auctions each year of tax forfeited properties.
The St. Louis County Land and Minerals Department is responsible for approximately 900,000 acres of state tax forfeited land. To learn more about the County’s management of this land, visit stlouiscountymn.gov/land.
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CONTACT: Mark Reed, Deputy Director of Land & Minerals
or
Karen Zeisler, Tax Forfeited Land Coordinator
(218) 726-2606
