RAPID CITY, S.D. — An auction for 40 acres of land in the Black Hills was declared a “no sale” Thursday after the man who made the winning bid realized he was bidding per acre — not for the whole parcel as he had thought.
Matthew Astin, 21, of Hermosa, bid $2,550 during the Thursday morning auction for 40 acres of land west of Deerfield. Shortly after bidding ended, Astin realized that the bid was per acre, and he could not afford to pay the 20 percent earnest money due immediately or the $102,000 he had actually bid, The Rapid City Journal reported.
Astin, who works for a local concrete company, said he and his brothers planned to use the land for grazing.
County Auditor Julie Pearson said the auction will be rescheduled by county commissioners at a Nov. 9 meeting.
Todd McPherson of McPherson Auction and Realty, the company that handled the auction, said this was the first time he had seen such a mistake. The company has conducted auctions since 1949.
“Very rarely do you sell an acreage not by the acre,” McPherson said.
Exceptions could be a one-acre property or a property with only a couple of acres that would be sold as a lot.
Auctioneer Kevin McPherson did mention during the bidding that the price was “per acre.”