Property Address: 10802 Old Norton Coeburn Rd. Coeburn, VA 24230
Auction Date: Wednesday, October 19th, 2022 10am est
Property Inspection: Wednesday, October 12th, 2022 9:00 am - 3:00 pm or for Private Showing Call Jeff @ (865) 771-0835
County: Wise
Important Selling Features:
- Utility Water and Sewer
- NASCAR Approved Computerized Scoring System Complete with LED Warning Lights
- 6500 Grandstand Seating Capacity
- 3295 sq ft VIP Tower with (2) Suites, Industrial Kitchen, Wet Bars, Restrooms, Central Heat & Air
- Concession Stand (2) Buildings, 7072 sq ft / 957 sq ft) with Kitchen
- Men and Womens Bathrooms
- (4) Ticket Booths
- 1700 sq ft Control Tower - Press Room, Announcers Booth, Official's Booth, Restroom, Central Heat & Air
- 10,621 sq ft Office Building & Garage - (7) 12' x 20' Overhead Doors, (2) Bathrooms in Office (1) in Garage and 1/2 Bath in Executive Office (2) Heat Pumps, 400 AMP 3 Phase Power
1,384 sq ft Dwelling House (living quarters for onsite maintenance superintendent) 3 Bedroom, 1 Full Bath, Central Heat & Air. NOTE: Mr. Gentry, maintenance superintendent, has occupied this dwelling for nearly 50 years and has been involved in all maintenance, updates, projects of Lonesome Pine Raceway since the beginning. Mr. Gentry has stated his wishes to continue to live and work with the new owner/buyer of Lonesome Pine Raceway.
Detailed Property Description:
- Approximately 37.82 acres plus or minus including all real property, personal property, fixtures, and improvements, and dwelling house known as Lonesome Pine Raceway. Located at 10802 Old Norton Coeburn Rd., Coeburn, VA 24230 In Wise County, VA. Said Property is referenced as Tax ID Number R011399. Most recent Deed Reference is 201804576 in the Chief Deputy Office of the Commissioner of the Revenue, Wise County, VA. Tax Map Number 053(-)126A. Tax Account Number R038481. Recorded at the clerk’s office in deed 201 Page 804576 of Wise County, Virginia Records.
- Approximately 2.34 acres plus or minus including all real property known as Lonesome Pine Raceway (the old railroad bed). Located at 10802 Old Norton Coeburn Rd., Coeburn, VA 24230 in Wise County, VA. Said Property is referenced as Tax Id number R038481. Most recent deed reference is 201804576 In the Chief Deputy Office of the Commissioner of the Revenue, Wise County, VA Tax Map Number 053(-)126. Tax Account Number R001139. Recorded at the clerk’s office in deed 201 Page 804576 of Wise County, Virginia Records.
Property Taxes: $6,719.84
GPS Coordinates: 36°56'04.3"N 82°30'37.7"W
Driving Directions: From Kingsport, TN take Highway 23 North 43.3 Miles Take Exit 2 for US-58
ALT E toward Coeburn/Abingdon. Turn Right onto US-58 ALT E/Hwy 58 E/Norton Coeburn Rd.
(signs for Coeburn) Travel 5.5 Miles then Turn Right onto State Rte. 813 ), Travel 0.8 Miles to
destination on Right 10802 Old Norton Coeburn Rd. Coeburn, VA 24230
For More Information Contact:
Jeff Bowlin
Bowlin Bros. Auction Co.
(865) 771-0835
jeff.bowlinbros@gmail.com
TERMS & CONDITIONS OF REAL ESTATE AUCTION
PROPERTY INSPECTION: We recommend that you preview the property. The property is being sold “AS-IS, WHERE- IS and WITH ALL FAULTS”, without any warranties expressed, implied, or guarantees of any kind or accuracy to information. All information concerning the auction sale was derived from sources believed to be correct, but not guaranteed. Buyer shall rely on his/her own information, judgment and inspection of the property and records. Agent or Seller makes no warranty as to square footage, acreage or age. All announcements made at the auction take precedence over all other advertising and/or any type and/or kind of material. Title to be conveyed subject to all prior restrictions, easements, conditions, encumbrances, condemnation, right-of-ways, joint permanent easements, covenants or restrictions of record, zoning ordinances or laws of any governmental authority, status of mineral rights, status of oil and gas rights, any type of leases or assignments, taxes of any type, properties located in FEMA Flood Zones, and other matters recorded or unrecorded, known or unknown. Mobile Homes are sold WITHOUT TITLE.
TERMS: The successful high bidder on this property will be required to sign the Specific Performance Real Estate Contract immediately upon conclusion of the bidding and will make an Earnest Money deposit of Ten Percent (10%) of the total sales price. A Ten Percent (10%) Buyer’s Premium will be added to the high bid to establish the total sales price. The balance is to be paid in full at the closing. The contract will NOT be contingent upon financing. If property is residential and applicable, Lead-Based Paint Disclosure Form RF209 will be a part of the sales contract.
TAXES: Property taxes shall be prorated at closing.
CONDUCT OF THE AUCTION: Conduct of the auction and increments of bidding are at the discretion of the Auctioneer. The Auctioneer's decision is final in the event of a dispute over any matter. The Auctioneer reserves the right to accept bids in any increments he deems to be in the best interest of his client, and reserves the right to waive any previously announced requirements. Bid rigging and bid suppression schemes are violations of the Sherman Antitrust Act and are deemed illegal and punishable as a federal felony.
CLOSING: Deed closing will take place within specified amount of time, from the day of the auction. Buyer will be advised as to the day and location of closing. Customary title closing cost will be split between the Buyer and Seller. Seller will pay for deed preparation. Title opinion, title insurance, transfer taxes and recording fees are a Buyer's expense.
EXCLUSIVE CLOSING AGENT:
Jefferson Title Inc.
706 Justice Drive, Dandridge, TN 37725
865-397-9428
POSSESSION: Possession of the property will be delivered upon closing.
AGENCY DISCLOSURE: BOWLIN BROS. AUCTION CO., LLC, a Tennessee Real Estate and Auction Company, and its auctioneer(s) and employee(s) are representing the Seller(s) as the Seller(s)’ Agent(s).
Online Only Auction Real Estate Bidding Terms and Conditions
Please Read the following terms carefully. By registering for this auction, you acknowledge that you have read and understood all terms and conditions herein and set forth within the supporting documentation described in the terms and that you have inspected the property or had the opportunity to do so.
If you do not agree to these terms, please DO NOT bid!
The property will be offered for sale through www.HiBid.com
Bidder Registration and Verification:
For verification purposes, a credit card is required in order to register for this auction. If you want to bid in this online auction, you will first have to certify that you have read, understood, and agreed to these Terms and Conditions. Such certification will function as your legal and binding electronic signature. If you choose to make this certification, these Terms and Conditions will become binding both on you and on the Auctioneer, and all parties will be expected to abide by the Terms and Conditions if any issues arise in connection with this sale.
Bowlin Bros. Auction Co. reserves the right to reject or accept bidder registrations at its sole discretion.
Terms of Sale:
At the close of the auction, successful bidder(s) will be emailed a sales contract as well as instructions for submitting your earnest money deposit. The required earnest money deposit required is 10% of the purchase price as stipulated in the sales contract.
Buyer’s Premium:
A 10% Buyer’s Premium will be added to the bid price to determine the final contract price. For example, if your final bid price is $100,000, 10% ($10,000) will be added, resulting in a total sales contract price of $110,000.
Bid Increments:
The Bid Increments will be as follows:
Amount Up to: | Bid Increments |
$10,000 | $500 |
$50,000 | $1,000 |
$100,000 | $2,000 |
$250,000 | $5,000 |
$500,000 | $7,500 |
$500,000+ | $10,000 |
Bowlin Bros. Auction Co. reserves the right to adjust bid increments as needed.
Scheduled Auction End Times:
The Auction is scheduled to end at the published end time, subject to auto-extend bidding. Each time a bid is placed on any property included in this auction, with the clock showing less than 10 minutes, the clock will reset to 10 minutes for the entire auction. In the event the auto-extend time needs to be reduced, Bowlin Bros. Auction Co. reserves the right to adjust the auto-extend, as needed.
As Is, Where Is:
All property is selling “As-Is, Where Is” with all faults. It is the buyer’s responsibility to conduct any and all inspections and perform all acts of due diligence deemed necessary before bidding. Placing a bid will be considered as acceptance of the property in it’s as-is condition.
Bid Cancellation:
Bowlin Bros. Auction Co. reserves the right to remove or cancel the bids and bidding privileges of the party at any time that bids or bidding is deemed to not be in the best interest of the seller.
Earnest Money Deposit:
Upon the close of the auction, successful high bidders will be required to submit the required earnest money deposit as stipulated in the Contract for Sale. The successful bidder, will have 24 hours to send the earnest money in the form of Wire Transfer or Cashier’s Check.
Real Estate Closing:
With timing being of the essence, each contract will be a cash contract, NOT contingent or subject to financing, appraisal, or survey, as described in the Sales Contract. Closing shall occur within twenty (20) days from the end of the auction as stipulated in the Sales Contract. Closing will be conducted by Jefferson Title, Dandridge, TN.
Disclaimer:
Bowlin Bros. Auction Co. believes all information contained herein to be correct to the best of our knowledge. All information is being furnished to bidders solely for the bidder’s convenience and it is always the responsibility of the bidders to determine the accuracy and completeness of all information. Reliance on information provided is solely at the risk of the recipient. Bidders should always conduct their own due diligence, inspections, and investigations prior to bidding. Bidders needing assistance should seek necessary assistance prior to placing a bid.
Technology Disruptions:
Auctioneer will not be responsible for technology disruptions, errors, or failures (including disruptions to bidding or the failure to execute, recognize, or record online bids), whether caused by (i) loss of connectivity, breakdown, disruption, or failure of the Online Auction Platform, (ii) breakdown, disruption, or failure of a Bidder's internet connection, computer, or system, or (iii) otherwise. Auctioneer may, but will not be required to, continue, suspend, delay, extend, reschedule, or close the Auction because of disruptions caused by technology failures, even after bidding has commenced.
Failures by Online Auction Platform Provider and its Affiliates or Contractors:
Auctioneer may use an Online Auction Platform Provider to facilitate the Auction. Under no circumstances will Auctioneer be liable for any failure of the Online Auction Platform Provider to perform all or any of its obligations, or for the failure of any affiliates, employees, agents, representatives, or contractors of the Online Auction Platform Provider to perform their obligations.
Disclosure:
As detailed in Section 0160-01-.19: At auction/auction with reserve - An auction at which the seller or his agent reserves the right to establish a minimum bid, to accept or reject any and all bids, and to withdraw the property at any time prior to the completion of the sale by the auctioneer. Authority: T.C.A. § 62-19-106. Administrative History: Original rule filed February 28, 2001; effective May 14, 2001.
