Golconda 40 acre Mineral Property, Colorado

Bidding Notice:

Properties are sold as is, where is. Payment in full is required within 5 business days of auction end without exception. Invoices must be paid by guaranteed funds (Wire Transfer, Cashiers Check, Cash). Buyer to verify all information. Perspective buyers should conduct their due diligence prior to any bids, including in person visit to the properties. This is fee simple, absolute transfer. ... Show More

Auction Notice:

NO RESERVE AUCTION. Seller has authorized Terra Firma Auction Services to auction the Golconda 40 acre Property, MRO at NO RESERVE. Previous permitting, assays and all other data is provided in links in the auction. If you are unfamiliar with Mining Properties, MRO, SRO and other elements of property purchase, Consult an attorney prior to making any bids or commitments.

Information

Lot #	1
Group - Category	Real Estate - Ag / Farm Land
Lead	Golconda 40 acre Mineral Property, Colorado
Description	Terra Firma Auction Services is a third party auction service acting as a foreclosure agent for the seller. The seller has agreed to offer the following foreclosure at NO RESERVE. Legal Description: Golconda Lode - CO101849419 NE 1/4 and SE 1/4 of Section 29, 43N 6W NM Meridian Golconda 2 Lode - CO105234305 NE 1/4 and SE 1/4 of Section 29 43N 6W NM Meridian The Golconda Property is a significant Mineral Property located in Hinsdale County, near Lake City, Colorado. The property is registered on the Colorado Historic Register. The buildings were restored by Historicorp in 2014. There is substantial underground develpment on the property. Gold is the primary asset and occurs as globs and chunky veins in quartz and pyrite deposits. Galena is also prevalent and contains varying amounts of silver. Full assays are documented in the technical reports. The site does have 4WD roads that allow access. ATVs or SxS are recommended by the seller for initial access. Property was sold on contract to a small mining company in 2019. In 2021, the Mining Company filed for bankruptcy, failing to make required payments for the property and the site was foreclosed on by the seller in 2021. Foreclosure was completed in 2023 and the property is now being offered by Terra Firma Auction Services on behalf of the owner at NO RESERVE. 40 acres in Hurricane Basin, outside of Lake City, Colorado. The property sits at roughly 12,300' . The property has a history of gold production up to 1981 when the prices of gold dipped from $800 per ounce to $300 per ounce. The last major operation pulled out at that time. This last company drove a 1500 haulage adit to access the lode vein deposits, they were unable to use the original haulage drift due to ice blockages. It was cheaper to punch through rock than ice. The property has been professionally surveyed and mapped including rudimentary subsurface mapping. Assays were taken from the dumps, and from the material around the two main portals. These numbers are contained in the technical mining report. The mine is not currently accessible. The gate will need to be opened and has been blocked by heavy snows. Buildings on site can be utilized as base camps or operations. They are registered as historical sites so they should not be modified or damaged. The Golconda offers a rare glimpse into historic mining in high country Colorado. It also offers an opportunity to own a piece of that history and to work the gold and silver deposits for a profitable venture. All documentation and information is presented for informational purposes only. Terra Firma Auction services bears no responsibility or liability for the information presented.

Auction Information

Name	Golconda Property, 40 AC. Colorado - Real Estate Foreclosure
Auctioneer	Terra Firma Auction Services
Type	Online-Only Auction
Date(s)	6/24/2024 - 7/27/2024
Auction Date/Time Info	Auction will Start Monday June 24th, 8:00am (MST). Auction will end on Saturday, July 27th, 2024 starting at 12:00 PM MST. Lot will soft close.
Preview Date/Time	Perspective Bidders/Buyers may visit property without prior permission from 06/27/2024 until 07/26/2024. By visiting the property, clients consent to being recorded on video and possible license plate capture. Recordings will be used for security purposes only. Seller is not responsible for access, weather or other impediments.
Checkout Date/Time	Earnest Money deposit of $5000 per lot is due within 24 hours of auction close. Terra Firma will contact bidder at the close of the auction to collect earnest money deposit. Please be available to make this deposit at the auction end. Full payment due within 5 business days from the end of the auction. By Friday, August 2nd, 2024 at 4:00PM MST.
Location	County Road 20 Lake City, CO 81235
Buyer Premium	10% BUYERS PREMIUM
Description	TERRA FIRMA AUCTIONS has been contracted to liquidate foreclosed assets for its clients. We strive to provide all relevant information and details about foreclosures. Please relay any questions via email or by phone. The Golconda 40 acre Gold Mineral Property has been foreclosed. This property will be sold at NO RESERVE on July 27th, 2024. Property has been professionally surveyed and will be sold with clear title. No back-taxes, liens or other encumbrances. Property is sold fee simple absolute. The Golconda site is MRO Real Property, Completed Sale will transfer 100% ownership and interest in the Golconda Property to the buyer. PLEASE DO NOT BID If you are unclear on any aspects of OWNERSHIP or PURCHASE of REAL PROPERTY, SRO, MRO or otherwise, we highly recommended that you SEEK LEGAL ADVICE PRIOR to registering or bidding. Terra Firma Auction Services CANNOT and WILL NOT provide legal advice in any capacity. 10% Buyer's Premium on final hammer price. $649 Closing/Documentation fee for transfer and recordings with State and County via Quit Claim Deed. Warranty deed available for additional $1295.00. Buyers are responsible to execute due diligence prior to bidding. Recommendation of "in person" visit to the properties. Map links to property is included in auction links for each property. Properties are sold as is, where is. No other warranties or representations.

Terms and Conditions

Bidder agrees to comply with these Terms & Conditions defined below as a prerequisite for Terra Firma's acceptance of the Bidder's Registration and Bid Card ID. Bidders with NEGATIVE scores and UNPAID auctions will be removed. The total amount due will be the final 'hammer' price plus the buyer premium (10%) and a $649 documentation/closing fee per auction lot. Bidders are encouraged to conduct due diligence on all purchases and to seek legal advice regarding the purchase of these and any properties. High bidder will receive the deed(s) to the property upon full payment of auction, subject to clearing of funds. Clear and unencumbered title of ownership will be transferred by Quit Claim Deed. Warranty Deed is available for an additional $1295.00. PAYMENT: CASH SALE - All payments in GUARANTEED funds only. This is a Real Property transfer, NO Credit Cards or PayPal for Real Property. CASH, WIRE TRANSFER or CERTIFIED BANK CHECK ONLY. PAYMENT IN FULL is required within FIVE (5) BUSINESS DAYS of auction end without exception. All Title Closings and Recordings are executed by our staff in house. Deeds in less than 30 days in most cases. An Earnest money deposit in the amount of $5000 is required at lot closing. Request for payment will be sent to winning bidder for the earnest money deposit and must be paid within 24 hours of auction close. FAILURE to make required DEPOSIT will result in FORFEITURE of interest in property. Earnest money deposit is NOT refundable. If bidder fails to submit balance due within 5 business days the earnest deposit is forfeit with no refunds or credits. The Earnest Money deposit will be accompanied by a non-contingent Purchase Agreement. Any bids or earnest money deposits are considered acceptance of aforementioned Purchase Agreement. BY REGISTERING FOR THIS AUCTION, BIDDER AGREES TO RECEIVE TEXT AND EMAIL CORRESPONDENCE ONLY AS RELATED TO THE SALE OF THE PROPERTY. CONDITIONS OF SALE: All properties are sold in "AS-IS" condition with all faults and defects and without warranty or guarantee of any sort. Prior to bidding, each bidder is advised and responsible to conduct an independent due diligence to ascertain characteristics, attributes and condition of the property. Failure to conduct diligence activities shall not constitute a waiver of any sort. TRANSFER OF OWNERSHIP. Conveyance of properties is completed by Terra Firma. Transfer via registered and recorded Quit Claim Deed. Bidder authorizes Terra Firma to act as Bidder’s agent to complete any closing documents, or any corrective documents thereafter. For each Lot, Bidder must specify the Deed Transfer Information. Should the Bidder fail to specify Deed Information within 10 business days after payment of balance, Bidder authorizes Terra Firma to convey each Lot using the Bidder’s name and address as registered in the auction. ALL SALES ARE SUBJECT TO SELLER APPROVAL.

Bid Increments

Your bid must adhere to the bid increment schedule.

Bid Amount	Bid Increment
0.00 - 100,000.00	100.00 USD
100,000.01 - 999,999.00	1,000.00 USD

Payment Information

Currency	USD
Buyer Premium	10% BUYERS PREMIUM
Payment Terms	CASH SALE - All payments in GUARANTEED funds only. Being a Real Property transfer, we cannot accept Credit Cards or PayPal for Real Property. CASH, WIRE TRANSFER or CERTIFIED BANK CHECK ONLY. This auction is for real property and no credit cards are accepted for payment above and beyond the earnest deposit. 100% interest and ownership of the properties will be transferred to the winning bidder. Earnest money deposit is required at closing. This earnest deposit is $5000. Terra Firma will contact you BY PHONE upon close of auction. Full Payment is due within 5 days of Auction Closing. Earnest money deposit is NOT refundable. If buyer fails to submit balance due within 5 business days the earnest deposit is forfeit with no refunds or credits given. The Earnest Money deposit will be accompanied by a non-contingent Purchase Agreement. Any bids or earnest money deposits are considered acceptance of aforementioned Purchase Agreement.

Shipping / Pick Up

Terra Firma Auction Services will process all closings and deed preparation. In most cases deeds can be processed in less than 30 days. For each Lot, Bidder must specify the Deed Transfer Information. Should the Bidder fail to specify Deed Information within 10 business days after payment of balance, Bidder authorizes Auctioneer to convey each Lot using the Bidder’s name and address as registered in the auction. Deed will be executed same business day that full payment is received. It is the bidders responsibility to verify that all information is validated. This is fee simple, absolute transfer. Free and clear title shall be given by a standard quit claim deed free and clear of any back taxes, encumbrances or liens. Warranty deed is available for $1295.00. Warranty Deed is not required and option is only provided as a courtesy to buyers.

Lot # : 1 - Golconda 40 acre Mineral Property, Colorado