LIMESTONE COUNTY, Ala. (WHNT) - Roughly 280 acres of Limestone County farmland were auctioned off to two different bidders for almost $5 million on Thursday. The sales are expected to impact property values in the area.
"Everybody's property values are at stake here and I think everybody's property values got a boost today, I really do," said National Auction Group President William Bone.
Nearly 100 people packed a conference room at the Four Points by Sheraton Hotel at the Huntsville International Airport for the auction hosted by the National Auction Group out of Gadsden.
Only about a dozen of them were registered bidders, but Bone said it is visual proof of the land value.
"These are prime properties and this tells you what's going on here because we had a lot of interest from outside the area," he said.
The company sold the undeveloped property in three parcels. One is located on the northwest corner of Mooresville Road and Huntsville Brownsferry Road. The other two are located on the northwest and northeast corners of Huntsville Brownsferry Road and Interstate 565, off exit 347.
In total, the three pieces of land sold to two different bidders for more than $4.8 million dollars, which breaks down to roughly $17,000 an acre.
Within the last week alone, the area has been the site of major economic development announcements. Bone said he believes both the TVA mega site and the GE aviation facilities helped to make the land more attractive to buyers.
"Everybody around the country knows what's going on in this area and everybody knows that it's a booming area and I'm sure it had some impact," he said.
The buyer of two of the parcels told WHNT News 19 that he is part of a group of local investors. He said that he will wait until the Greenbriar Parkway is completed before he will decide what to do with the properties.