Agricultural Property Attracts Millions of Dollars

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A farmland and equipment auction in St. Joseph County took in more than $5 million. The 525-acre property is located near the Hoosier Racing Tire Corp. headquarters in Lakeville. July 25, 2014

News Release

SOUTH BEND, Ind. - Approximately 525 acres of agricultural land near South Bend sold at auction for $4,525,000 Wednesday, with Schrader Real Estate and Auction Company managing the sale. The successful auction of farm equipment added $690,975, bringing the total for the day to more than $5.2 million.

The auction featured part of the holdings of Robert Newton, co-founder of Hoosier Racing Tire, who died in 2012. It was conducted in a building immediately behind the Hoosier Racing Tire Corporate Headquarters in Lakeville.

"We had an excellent auction, with a great crowd and good participation from both investors and farmers. Most importantly, the family is very happy with the outcome," said Gene Klingaman, executive vice president of the auction company. "These assets didn't fit into the plans of the family, and I'm glad to see that we were able to get them a good result," he said.

Upcoming auctions include 294 acres of farmland in Montgomery County, Ohio (Aug. 4); 138 acres in Kosciusko County, Indiana (Aug. 7), and a series of major auctions of land in six states (Illinois, Arkansas, Louisiana, Mississippi, Texas and Colorado) set for Oct. 20-25.

Individuals seeking information on those and other auctions may visit www.schraderauction.com or call 800-451-2709.

Schrader Real Estate and Auction Company, based in Columbia City, Ind., is a leading auctioneer of agricultural land throughout the United States and is a four-time USA Today/National Auctioneers Association Auction of the Year Winner, as well as a two-time winner of the Grand Champion Marketing Award of Excellence.

Source: Schrader Real Estate and Auction Co.