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.