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GOOD LAND, HIGH PRICES: Local farmers seeking good-quality land drove the bidding in an auction of an Indiana farm that brought $8,649 per acre.

Indiana land auction raises $2.5 million for college

Farmers drive the bidding for cropland, which brings $8,649 per acre.

A 303-acre farm in Laporte County, Ind., sold for $2,554,000 on Jan. 30 in an auction that attracted a packed house, including 41 registered bidders. Schrader Real Estate and Auction Co. marketed the land and conducted the auction for Earlham College, which had been bequeathed the farm.

While the farm sold to four buyers, the primary focus of many observers was on the 237 acres of tillable land that sold for $2,050,000, or $8,649 per acre.

“The auction exceeded the college’s expectations, and the bidding for the cropland was especially noteworthy, with local operators dominating the bidding, which resulted in a strong price per acre. Demand remains good for quality land in good locations, and we’re seeing farmers and investors alike who are looking beyond the current commodity prices,” says Steve Slonaker, who managed the auction for Schrader.

“The proceeds of the auction will support the sciences at Earlham, and we’re delighted we could achieve a good result for them. The current market for agricultural land continues to be more complex and nuanced than some people realize. We’ll be addressing some of these factors in our upcoming ‘State of the Farmer’s Economy’ updates in February,” Slonaker says.

Schrader’s annual meetings for landowners will be Thursday, Feb. 16, in Venice, Fla., and Friday, Feb. 24, in Indianapolis. Both will feature sessions by agricultural leader Don Villwock and company President R.D. Schrader.

Individuals interested in additional information about those sessions, or in upcoming auctions, may visit schraderauction.com or call 800-451-2709.

Schrader Real Estate and Auction Co., based in Columbia City, Ind., is a leading auctioneer of real estate throughout the United States and is a five-time USA Today/National Auctioneers Association Auction of the Year winner.

Source: Schrader Real Estate and Auction Co.

TAGS: Education
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