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Locust Knoll Farm near Yorktown, Ind., sells for $1,657,000
The auction of a 218-acre farm near Yorktown, Ind., attracted a strong field of bidders Monday, April 23, leading to a sale for $1,657,000, with Schrader Real Estate & Auction Company managing the sale.
The land included 145.8 tillable acres. Bids the tracts of tillable land reached averaged $8,415 per acre, with one tillable land tract reaching $9,214 per acre.
The auction attracted a strong field of bidders, including farmers, home buyers and investors. Ultimately, the property -- including tillable land, wooded land and three homes -- sold to five different buyers.
"We had the opportunity to sell this land for Ball State University, and I was glad to see a strong response," said R.D. Schrader, president of the auction company. "The tillable land sold very, very well for that area. We continue to see farmers emerging as high bidders for most of the tillable land, with more than 80 percent of the tillable land Monday selling to farmers who will use it to expand their operations."
Schrader said the recent strength of farmland prices has led to more interest in the use of auctions for selling agricultural land. "With prices rising at rates as high as 20 percent or more over the last year, people are realizing the benefits of the open bidding process to realize the full and current value of the property," he said.