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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 |
How Much Buyer Interest Did These Almond Ranches Generate?
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. Total approved bids hit 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.
What Do These Bid Results Mean for California Almond Ranches?
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.
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