NEW BAVARIA, Ohio — An auction to sell off the assets of Maple Grove Dairy was held Dec. 16 in the milking parlor of the farm.
The Maple Grove Dairy was owned by Rinke Oenema, a 1 percent interest by Afke Oenema-Hiemstra and Vreba-Hoff Dairy Development, LLC.
Wilson Auction and Realty Co., of Bryan, Ohio, conducted the auction and auctioneer Denver N. Geitgey said more than 200 bid numbers were issued and described the bidding as “extremely spirited.”
The property consisted of 80 acres, the dairy and various support buildings. It was sold for $1.4 million and the personal property brought almost $400,000.
The Wilson Auction and Realty Co. is an auction firm that specializes in bankruptcy/receiverships and lender-driven auctions.
The Maple Grove Dairy filed for bankruptcy in February. At the time of the filing, they owed $7.14 million and had assets totaling $5.06 million. According to court records, the farm owed $4.59 million to AgChoice Farm Credit.
A status report is due Jan. 11, 2010, for the Chesterfield Dairy and the Hopewell Dairy. Both were placed into receivership by a bankruptcy judge Sept. 30. Vreba-Hoff Dairy Development has served as a consultant and developer for both dairies, which are also family-owned limited liability companies.
Accord to the bankruptcy court records, Chesterfield Dairy owes $8.5 million and Hopewell Dairy owes $11.2 million from AgStar Financial Services of Minnesota.