January 23, 2025
This is a public notice.
Former Nickel Plate Road #587, a historic steam locomotive that has been stored for a private owner on the Kentucky Steam Heritage Corporation’s campus in Irvine, Kentucky, will be auctioned off as part of a judgment against the locomotive’s owner for unpaid storage fees.
Nickel Plate Road #587 may be viewed starting Jan. 25th, 2025 at 10:00 AM on the Kentucky Steam Heritage Corporation campus at 499 Kirkland Avenue, Irvine, KY 40336.
The bid deadline is 10:00 a.m. on Feb. 25th, 2025. No bids will be accepted after this deadline. Each bid should be mailed to the attention of Joseph Darby at 499 Kirkland Avenue, Irvine, KY 40336, and must be accompanied by a letter of credit in the amount of $5,000.00 from a bank or accompanied by a deposit check in the amount of $5,000.00. All checks will be returned to unsuccessful bidders and will not be deposited by the Seller.
Time is of the essence in this sealed bid auction.
Kentucky Steam Heritage reserves the right to reject any and all bids.
The former Nickel Plate Road 2-8-2 Locomotive #587 and tender is sold “as-is-where-is.” Seller makes no warranties implied or express regarding the locomotive and tender or its functioning. Buyer is wholly responsible for the costs of moving the locomotive and tender and transportation from the facility. Buyer(s) agree to indemnify, hold harmless and defend Seller from all damages caused by removal and transportation of the locomotive and tender.
The winning bidder will be notified on March 3, 2025. The locomotive and tender must be removed from the Seller’s facility within sixty (60) days of the winning bid notification. Should the Buyer decide to store the locomotive longer than the initial sixty (60) days on Kentucky Steam Heritage Corporation property, the Buyer must come to an agreement with the Seller for the projected storage time. Failure to remove the locomotive and tender or come to a new storage agreement with the Buyer within this time frame will result in the winning bidder being charged $100.00 per day for storage and may result in the Seller canceling the sale and retaining the deposit. Seller reserves the right to assign the winning bid to the next highest bidder.
Buyer agrees to pay all costs and attorney fees incurred by Seller in the event an attorney must be retained to enforce the sale. All unpaid balances, including attorney fees and costs, shall incur interest at the rate of 18% per annum until paid in full.
The parties agrees that the sole and exclusive venue for any litigation arising out of this sale shall be the Estill Circuit Court unless the Seller, in its sole and absolute discretion, elects to file an action in a different venue.
The winning bidder must pay the bid amount in full within seventy-two (72) hours of the winning bid notification by wire transfer. Wire transfer instructions will be provided to the winning bidder.