Hoosier Farmland Sells For $7 MillionPosted: Updated:
More than 700 acres of Putnam County farmland have brought in $7 million at auction. Columbia City-based Schrader Real Estate and Auction Co. handled the sale. Two separate buyers purchased the land, which had been in the seller's family since the 1830s. Jan. 20, 2014
GREENCASTLE, Ind. - Wednesday's auction of 714 acres of Putnam County cropland attracted a capacity crowd of approximately 250 people as a local farmer outlasted other bidders for the cropland. The sale, which drew 59 registered bidders, was managed by Schrader Real Estate and Auction Company.
The land went for a total of $7,012,500, with the 676 acres of cropland making up most of the total, selling for $6.885 million, or $10,184 per acre. The 38 acres of recreational land sold for $127,500 to a different buyer, said R.D. Schrader, president of the auction company.
"We had very good interest in the cropland from local farmers and investors alike because it had good soils and approximately 500 contiguous acres. It's also not every day that you see this much productive Putnam County farmland selling in a single auction," said Schrader. "I believe the family, which had owned the property since the 1830s, was pleased to see it go to a local operator," he said.
Schrader noted that the sale also reflects continued strength in the market for midwestern cropland. "Farmers and farmland investors are still thinking long term. When they see an opportunity to buy productive land, they're acting on it, because cropland still provides an excellent long-term investment," said Schrader.
The land was offered in eight tracts, with bidders making offers on various combinations before ultimately selling to the two successful buyers. Most of the acreage is located along U.S. Highway 36 between CR 600W and CR 775W, approximately 9.5 miles northwest of Greencastle and 14 miles east of Rockville, Ind.
Schrader Real Estate and Auction Company, based in Columbia City, Ind., is one of the nation's largest auctioneers of farmland. Individuals interested in additional information may visit www.schraderauction.com or call 800-451-2709.
Source: Schrader Real Estate and Auction Co.