Kimball snags $25M from Kentucky land auction

November 14, 2008

A timber investment firm has bought nearly 12,000 acres of Kentucky woodland owned by Jasper-based furniture and electronics manufacturer Kimball International Inc.

The auction yielded $24.5 million for the property, which fronts the Ohio River near Evansville and has been the scene of numerous outdoor and hunting television shows.

Buying the entire tract was Forest Land Group, a timber investment management organization headquartered in Chapel Hill, N.C.

Gene Klingaman, a vice president of Schrader Real Estate & Auction Co. at Columbia City, said Forest Land was attracted by the blend of timber, hunting, coal and agricultural uses.

Forest Land has talked with the commonwealth of Kentucky about potential uses, Klingaman added.

The sale brings total proceeds from a recent string of Kimball land auctions to $50.6 million. The sales were part of an ongoing move away from logging, sawmills and other front-end processes for its furniture business.

The balance of the properties were located in Indiana.

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