Lawton Farms, a 1,120-acre farm in Richmond, sold at auction this week for a total of $18.6 million. Columbia City-based Schrader Real Estate and Auction Co. led marketing efforts for the farm and hosted the event.
The farm is located along Highway 227, near the Ohio state line, and includes land in Union and Wayne counties. Schrader says the farm features highly productive soils, and the total sale equates to $16,559 per acre.
“Prices per acre went as high as $19,545 on one tract, which is remarkable,” said Steve Slonaker, co-manager of the auction.
Schrader says about 250 people, including 76 registered bidders, attended the auction at the Wayne County fairgrounds. Bidders from around the country competed for more than two hours for the land in 13 tracts and as an entirety.
“Lawton Farms has been well managed over the years and is well located in an area known for its high-quality farmland,” said R.D. Schrader, president of Schrader Real Estate and Auction Co. “The large amount of contiguous land was reflected in the aggressive bidding.”
According to Schrader, land sells in the combination that gives the seller the highest price.
“Ultimately, all of the land was purchased by an Indiana bidder who already owns several farms in the area,” said Andy Walther, co-manager of the auction.
The farm also included 220,000 bushels of grain storage, extensive tiling and two barns for large machinery.