A farm equipment entrepreneur has sold more than 700 acres of farmland near Logansport. Columbia City-based Schrader Real Estate and Auction Co. says Tribine Harvester inventor Ben Dillon’s property fetched nearly $8.3 million. Dillon plans to put the proceeds toward production of his machinery, which he says is the "first major combine architecture change since the 1940s."
The property was offered in eight sections, but sold as one.
Dillon says "we accomplished exactly what I was hoping for. We’re still on track with our new assembly plant in Newton, Kansas, with plans to begin production work in January. The success of the auction clears the way for me to move forward."
Schrader President R.D. Schrader says the sale is an example of why farmland is still "attractive as an investment." He says "farmers and investors continue to favor very high quality land that can be worked efficiently. Mr. Dillon’s land had great soils and a history of excellent yields. All of the land was contiguous, so it was very efficient to use with today’s large modern equipment. This probably resulted in more interest among bidders seeking all of the land."