Allen County Farmland Goes For Millions

State leaders say the deal will boost quality of life in rural areas and spark economic development opportunities.

More than 700 acres of farmland in Allen County are off the market. Columbia City-based Schrader Real Estate and Auction Co. says five buyers purchased the land for a total of $6.4 million.

Schrader says the land averaged $9,125 per acre. The highest price came for 117 acres, which sold for $1.2 million, according to the company, which marketed the property and conducted the auction.

"These prices were strong. While farmland values have declined some, it’s just been a few years ago that land values would have been half that," said R.D. Schrader, president of Schrader Real Estate. "Despite concerns about low commodity prices, landowners can still get a good price for quality land that is marketed well. I can’t say what the future will bring, but we’re still seeing vibrant demand, especially among farmers who are in a position to acquire land for the long run."

Schrader says the auction attracted 63 registered bidders. The five successful bidders all live within a few miles of the property.

The company will also auction off more than 600 acres of land near Nashville in September.