Farmland sells for $48.74 million

]LAKELAND — East Coast Brokers and Packers, and the Madonia family and some of their affiliates, sold thousands of acres of Florida farmland for $48.74 million in the first of four auctions of the bankrupt company's real estate assets.

The Madonia Family filed for Chapter 11 bankruptcy in March, and their assets are for sale via sealed bid offerings.

Murray Wise Associates, Woltz & Associates and Crosby and Associates managed the auction of the farmland along with packing facilities, labor camps and other assets used for growing and processing tomatoes. The property sold to nine bidders.

“We had a fantastic crowd and more than two hours of very active bidding, and we're very pleased with the results,” says Ken Nofziger, president of Murray Wise Associates, in a news release.

The second day of auctions will occur at 3 p.m. today at the Lakeland Center and will feature the Red Rose Inn & Suites in Plant City and homes in Lakewood and Plant City. A Naples condominium will be sold in a satellite auction at the Courtyard, 3250 Tamiami Trail N., Naples.