McLean Ranch sells for $16,797,000 in Assiter auction

AMARILLO, Texas, Sept. 13, 2013 /PRNewswire/ -- Amarillo developer George Chapman's 16,000-acre McLean Ranch sold for $16,797,000 Thursday in an auction that drew 109 bidders to McLean and lasted for more than four hours.

"The auction was everything we could have asked for. Mr. Chapman is happy, the lenders are happy, and 19 buyers who now own parts of the ranch are happy," said Spanky Assiter, chairman and founder of Amarillo-based Assiter Auctioneers, which marketed the property and conducted the auction.

Bidding moved at a brisk pace from the outset, as Assiter took bids on the 43 individual tracts, then opened the auction for bidders to make offers on combinations of tracts.

Reuben Hancock, attorney for Chapman, said he was pleased with the outcome. "The entire auction crew did an exceptional job," he said.

Assiter said the auction answered numerous questions about the land and its future.

"When we opened up for bidding, nobody knew what the land would bring, whether it would all go to one big bidder or sell to a larger number of smaller bidders. But ultimately, it turned out that a number of different folks wanted parts of this land for grazing, recreation and probably other uses. That's how an auction works," said Assiter.

The ranch, widely known for its game and fishing, includes areas with mature trees, pasture land and irrigated tillable land. It has more than five miles of creeks and six lakes.

"One thing we found today is that this is a great time to be selling Texas land, and there's no better way to sell it than in a well promoted auction, so I think maybe some others with land and other real estate they've considered selling will take note," said Assiter.

Individuals interested in additional information may call 806-655-3900 or visit assiter.com.

Assiter Auctioneers, headquartered in Amarillo, Texas, has conducted more than 5,000 auctions throughout the United States and is the official auctioneer of Barrett-Jackson. 

For more information:
Carl Carter, 205-823-3273

SOURCE Assiter Auctioneers