Boon to Feldkamp estate?

Are the Feldkamp estates about to become $500,000 richer?

IDOT is planning a roundabout at U.S. 20 and Harmony Road, and it wants to buy the corner where Harmony Real Estate had been operating. It needs the land for a highway improvement project in its effort to reduce the number of fatal accidents at that intersection.

Rumor has it that a $500,000 cash offer is on the table for the Harmony Real Estate building and lot. Will the owner sell? Who owns the corner?

The real estate where Harmony Real Estate was located was owned by John G. Feldkamp, individually. When Mr. Feldkamp died last June, the property passed to his wife under his Will. When she died a couple of hours later, the property would have passed into her estate. Mrs. Feldkamp's estate didn't pay the 2010 real estate taxes on the property, and the taxes were sold shortly after the second instalment due date  to Edward Beasley. Illinois statutes dictate the redemption terms on sold taxes.

The Executor of both estates is their son, Scott Feldkamp.

There is a bank that has an active case filed against Harmony Real Estate Partnership (Case No. 12CH00532). This could mean just the business. Is the business still operating? If you have any listings and sales pending with Harmony Real Estate, contact your broker and lawyer to learn the exact status of your dealings.

From what legal entity will IDOT purchase the land and building? It will want to demolish the building for its roundabout. Will anyone be interested in buying and moving that building, for its historical value? Should the full net proceeds from the land sale end up in the probate assets, where the McHenry County Court system ought to be keeping an eye on them, until the probates are closed?

Creditors ought to get first crack at probate assets, and then the children of John and Audrey Feldkamp split what's left, after reasonable expenses of clearing the estates. Will they?