NOTICE OF PROPERTY FOR SALE

NOTICE OF PROPERTY FOR SALE
Historic Madison, Inc. Tobacco Prizing House
106 Elm Street
Madison, Indiana 47250
Method of Sale: Sealed bid
See attached Notice for details
Bid Opening: May 8, 2015, 2 p.m.
Location of Bid Opening:
Alcorn, Sage, Schwartz & McGrath, LLP
One W. Sixth St., Madison, IN 47250
Available for viewing through:
Coldwell Banker Harrell-& Associates, Inc.
1331 Iroquois Drive, Madison, IN 47250
Call: Kevin Harrell at (812) 701-7774 (c)
email: kevin.harrell@coldwellbanker.com
NOTICE TO: Potential Purchasers
Re: HMI Tobacco Prizing House, 106 Elm Street, Madison, IN 47250
This notice is hereby given that the above referenced property will be sold at a private auction
on May 8, 2015 at 2:00 p.m. at the office of Merritt K. Alcorn located at One W. Sixth Street,
Madison, Indiana 47250. To attend the private auction, please submit a sealed offer to attorney
Merritt K. Alcorn at the above address by May 8, 2015 at 2:00 p.m. The property contains
approximately 0.12 acres (more or less) and will be sold “as is”.
The property will not be sold at less than $95,000. Any party who submits a sealed bid may
re-submit a bid at the opening of bids on May 8, 2015, at 2:00 p.m. Any bids at the private auction
must be at least $95,000. At the opening of bids, any accepted bidder may increase their bid until a
winning bid is established. The winning bidder will be required to tender a sale deposit at the auction
of 10% of the winning bid and will enter a legally enforceable contract with the seller, Historic
Madison, Inc., with closing to occur within sixty (60) days of the auction. The sale deposit must be
tendered in cash, money order, or cashier’s check. If the sale deposit is not provided by the winning
bidder, the bidding will be re-opened. The purchaser is required to insure the property from the sale
date. Winning purchaser does not have the right to enter the premises without permission of the seller
until closing, and possession will be given to purchaser at closing. A purchase agreement will be
signed after acceptance of the winning bid. The purchaser will be required to grant a Deed of
Conservation Easement to the seller in order to protect the substantial historic, aesthetic and cultural
character of the façade of the property.
If the winning purchaser does not comply with the purchase terms, the purchaser may be held
in default. Upon default, the seller has the authority to hold the original deposit made the day of sale
and apply it to the expenses of the second sale and/or the shortfall if the property sells for less at the
second sale.
Notice posted by:
Historic Madison, Inc.
c/o Merritt K. Alcorn
Alcorn, Sage, Schwartz & Magrath, LLP
One W. Sixth Street
Madison, Indiana 47250
Property History
Built between 1887 and 1892 (2-story portion) by Alexander Lanier or Milton Stapp for a carriage house and stable with
a clear span main floor.
1904 – 1919 - W. Trow & Co. flour mill adds one story addition and converts building for use as a barrel making factory
or cooperage.
1919 – 1921 – Operated by Julius Scheyer as the Major Apron Factory.
1922 – 1970 - Operated by American Tobacco Co. as a tobacco grading or “prizing” house.
1970 – Current – Operated by Historic Madison, Inc./Historic Madison Foundation Inc. as storage facility and
architectural salvage warehouse
Features
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Heavy timber tensioned truss system supports roof and provides clear span on first floor
Rare, original tobacco prizing machinery including scales still in place
More historical information available at: http://www.loc.gov/pictures/item/in0345/