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Tribine inventor's farmland sells for $11,567 per acre
The Nov. 3 auction of 716 acres of farmland for Tribine Harvester inventor Ben Dillon attracted a crowd of eager bidders, resulting in the sale of the land to an investor for $8,282,000, or $11,567 per acre. Schrader Real Estate and Auction Company marketed the land and conducted the auction.
"We accomplished exactly what I was hoping for," said Dillon, who plans to use the proceeds from the land sale as part of the capital for production of the Tribine, which is the first major combine architecture change since the 1940s. "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," he added.
The auction also provided showed that high-quality farmland continues to be attractive as an investment, according to R.D. Schrader, president of the auction company. "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," he said.
While the land was offered in eight tracts, it sold as an entirety. "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," said Schrader.