2,400-acre Tallahassee, Fla. plantation hits market for $13.95 million (Photos) – Atlanta Business Chronicle

A 2,400-acre plantation in the northwest Florida portion of the Red Hills quail belt that has undergone significant improvements is on the market for $13.95 million.

Valhalla Plantation is located in Tallahassee, Fla., about 30 miles south of Thomasville, Ga., and less than 25 miles northeast of downtown Tallahassee. It’s part of the Red Hills quail belt but is also the second-closest quail plantation to Tallahassee.

Valhalla once formed the western side of the Chemonie Plantation, owned by T. Wayne Davis Jr., heir to the Winn-Dixie supermarket fortune. Chemonie is an Indian word meaning “pleasant land.” (Read more about Chemonie here.) In addition to the remainder of Chemonie to the east, it is bordered on the north by the Woodfield Springs plantation. To its south and west, there are large-scale lot residential developments.

Arthur L. Cahoon, founder and CEO of Rock Creek Capital., a real estate company in Jacksonville, Fla., bought the 2,400 acres at 12000 Miccosukee Road from Davis and spent millions restoring the quail habitat and adding improvements including a lakefront main lodge, carriage house and guest cabin, horse stables with 11 stalls, and high fencing along the western edge. There were no improvements on the land when he purchased it, he said. See the listing here.

The current listing just went live several weeks ago. John Kohler of Jon Kohler & Associates LLC, the listing agent, is marketing the property internationally and has already had prospects fly in from other states to tour it, he said. Because of Atlanta’s close proximity — about four hours by car or a shorter flight — and large population, it is also part of the target market.

Cahoon Land & Timber LLC is the owner of the 34.45-acre property at 12000 Miccosukee Road, and seven other tracts totaling a little over 2,390 acres, according to Leon County, Fla., property records. The most recent sale for the 12000 Miccosukee Road property was Jan. 5, 2006, for $13,045,600, records show.

Cahoon is selling because he and his wife, an equestrian, are moving to Colorado, where they have ranch property in the Vail Valley. Two of their three children are in California and the third is in Coral Gables, Fla., but is unlikely to remain there long-term, he said.

According to the listing, the property includes a 30-acre plus lake and a smaller approximately four-acre lake. Cahoon said the large lake, which he restored, is closer to 50 acres, and would be an ideal location for 12 to 15 home sites.

Tallahassee is running out of buildable lots, so it’s likely the 1,700 acres of Valhalla that are not under conservation easement could attract residential developers, Kohler said.

Conservation easements restrict the future uses of the property to recreational use such as hunting and fishing or agricultural use such as pastures and grazing. Kohler said that in 2004, a 1,000-acre property sold for $15,000 an acre and was developed into a $30 million subdivision.

Cahoon estimates he has put $18 million into the property, including annual operating expenses.

“Somebody is going to get a good deal,” he said. “Remember we just went through a decade where nothing appreciated very much. … This property and lots of real estate kind of languished.”

“You win some, you lose some,” he added.

Valhalla was previously listed for $16.5 million between 2012 and 2016, but was taken off the market. The current price represents about $5,800 per acre.

Kohler notes that

In addition to wild quail, the property also offers whitetail deer, turkeys and ducks, said Kohler, a co-founder of Windsor, Colo.-based Land Leader LLC, the largest land marketing company in the U.S. The Valhalla fields are a migratory stop for neotropical songbirds, he said.

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The Red Hills, or Thomasville/Tallahassee, plantation belt includes such famous plantations as Talloaks, Okapilco, Brannville, River Bend, Pinion Point, Four Oaks, Kinderlou Forest, Tamathli, Pinckney Hill, Blackwater, Hickory Head and King Place. To see a map of the Red Hills Plantation Belt, click here.

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