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Two days of Indiana auctions draw big crowds, resulting in sales of $12,997,060
Strong crowds of farmers and investors turned out for back-to-back farmland auctions in Terre Haute and Oxford, Ind., Monday and Tuesday. The properties sold for a total of $12,997,060, according to R.D. Schrader, president of Schrader Real Estate & Auction Company, which managed both events.
"We had excellent crowds two days in a row, with good participation from both investors and operating farmers. There was intense competition between bidders seeking large amounts of land and those seeking smaller amounts," said Schrader.
The Monday sale of 1,571.6 acres near Terre Haute attracted 77 registered bidders, with the land eventually selling to eight different buyers for a total of $9,132,060. Most of the land went to one buyer, who purchased 1,326 acres for $7,854,000, or $5,807 per acre.
"There was a good bit of variation among the tracts in Terre Haute. The biggest combination included not only cropland but also a lake and a considerable amount of hunting land," said Schrader.
On Tuesday, 40 bidders turned out for the auction of 458 acres in Benton County, resulting in a sale for a total of $3,865,000. "The biggest buyers for the Benton County land were farmers who were taking advantage of the auction to expand their operations," said Schrader. "We had 124 acres that sold for $1,160,000, or $9,354 per acre. Another group of tracts making up 258 acres sold for $8,759 per acre," he said.
Upcoming auctions include 1,035 acres in Illinois (June 18), 438 acres in Boonville, Ind. (June 26) and 366 acres in Carroll and Cass counties in Indiana (July 1). Individuals interested in additional information on those and other auctions may visit www.schraderauction.com or call 800-451-2709.