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Limited bidder price interest led to ultimate price per acre illustrative of a difficult time for almond ranches in California’s Central Valley.
The bid results of the almond ranches owned by Trinitas Advantaged Agriculture Partners IV, LP fund highlight the difficulty facing the California almond industry. The forced sale of ~7,500 acres of almond ranches, nearly 88% of the fund’s portfolio, was approved on June 14 at an weighted average price per acre of $16,161.
Here’s a quick look at these ranches and approved bids using Acres’ proprietary data and court documents.
At a Glance: The fund’s portfolio comprised 25 almond ranches covering 8,610 acres across 5 counties. These ranches ranged from 4th leaf to 9th leaf, meaning 4 to 9 years in age. Almond orchards reach full maturity at 6th leaf and are generally considered economical until their 25th leaf.
| Trinitas Almond Ranches | Gross Acres | Estimated Almond Planting Date | Acres Link |
| Hall Ranch LLC | 159 | 2018 | View Map |
| Rasmussen Ranch | 748 | 2017 | View Map |
| Chiala Ranch | 815 | 2018 | View Map |
| Turf Ranch | 769 | 2018 | View Map |
| Adobe Ranch | 1,566 | 2020 | View Map |
| Marrucci Ranch | 359 | 2020 | View Map |
| Lamb Ranch | 700 | 2019 | View Map |
| Lerda Ranch (Tule River LLC) | 311 | 2018 | View Map |
| Picanso Ranch (Tule River LLC) | 347 | 2018 | View Map |
| Dinuba Ranch | 151 | 2018 | View Map |
| Johl Ranch | 308 | 2017 | View Map |
| Fry Road Ranch | 484 | 2017 | View Map |
| Ratto Ranch | 365 | 2016 - 2020 | View Map |
| Jeffrey Ranch | 160 | 2018 | View Map |
| Dixon East | 81 | 2017 | View Map |
| Toor West | 195 | 2019 | View Map |
Market Interest: The ranches were marketed for over three months. Thousands of parties were contacted with over 190 parties signing non-disclosure agreements and ultimately 17 bidders submitted bids and deposits.
Approved Bids: Totaled approximately $121.5M.
| Trinitas Bid Packages | Trinitas Asset Schedule Stated Value | Stated Value Per Acre | Successful Bid Amount | Successful Bid Per Acre |
| Hall Ranch LLC | $9,668,447 | |||
| Rasmussen Ranch | $26,299,086 | |||
| Chiala Ranch | $27,988,534 | |||
| Turf Ranch | $29,024,992 | |||
| Total Bid Package | $92,981,059 | $37,328 | $40,000,000 | $16,058 |
| Adobe Ranch | $55,758,907 | $35,600 | ||
| Marrucci Ranch | $12,723,958 | $35,411 | ||
| Lamb Ranch | $19,664,700 | $28,092 | ||
| Total Bid Package | $88,147,566 | $33,573 | $35,648,900 | $13,578 |
| Lerda Ranch (Tule River LLC) | $8,258,217 | $26,533 | ||
| Picanso Ranch (Tule River LLC) | $8,024,237 | $23,155 | ||
| Tule River Ranch LLC Bid Package | $25,720,534 | $39,101 | $16,282,454 | $24,753 |
| Dinuba Ranch | $6,753,310 | $44,872 | $2,960,595 | $19,672 |
| Johl Ranch | $11,170,375 | $36,267 | $6,580,000 | $21,364 |
| Fry Road Ranch | $14,228,935 | $29,399 | $7,000,000 | $14,463 |
| Ratto Ranch | $12,206,825 | $33,430 | $4,353,920 | $11,924 |
| Jeffrey Ranch | $6,503,795 | $40,649 | $3,600,000 | $22,500 |
| Dixon East | $3,010,073 | $37,189 | $2,050,000 | $25,327 |
| Toor West | $3,017,475 | $15,506 |
Remaining Ranches: Expected total proceeds including the remaining ranches are $135M to $140M. This implies a 45% markdown from the lender’s most recent appraised value.
The Big Takeaway: Limited bidder price interest across a large amount of land led to an ultimate price per acre that is illustrative of a difficult time for almond ranches in California’s Central Valley.
