184 Iowa 1101 | Iowa | 1918
A decree of partition, was entered, without exception or controversy, April 21, 191.7, whereby it was ordered that the property be sold by the referee therein named, either at private or public sale, and whereby appraisers were appointed to view the property and to appraise the value. . The appraisers filed a report on April 25th, fixing the value at $140 per acre. No objections were made to this appraisal. Two months later, pursuant to proper notice, the properly was offered at public sale, and sold to the highest bidder at $143.50 per acre. Such bidder was the plaintiff, who was the owner of the undivided two thirds of the premises. The defendants, being the owners of the other one third, filed objections to the report of the referee. As a part of their objections to the report of the referee, the defendants offered to produce a purchaser at a much higher price than the bid made by the plaintiff. At the hearing upon the objections, the range of difference upon the valuation by the different witnesses was as high as $90 per acre. Witnesses on the one side placed the valuation at a minimum of $135 an acre; whereas, witnesses for the other side placed the valuation as high as $225 per acre. As between these estimates, the ascertainment of the real value was a matter of considerable speculation.
The sale was conducted openly and fairly by the referee. Nevertheless, the highest bid was, in a legal sense, only an offer, and so continued until presented to and approved