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Illinois farmland brings $25.3 million in Schrader auction
Approximately 3,355 acres of farmland in Boone County, Ill., sold at auction Saturday, Nov. 19, for a total of $25,536,993, with bids on some tillable land reaching to more than $10,000 per acre. The auction was conducted by Schrader Real Estate & Auction Company.
"We had a good bit of variation in land location and quality. We had a few of the highest quality tracts with bids for $10,000 per acre and more," said R.D. Schrader, president of the company.
"Bidders from Boone County and the surrounding areas were especially strong bidders throughout the auction. The locals even beat out the multiple investment funds that were represented. We're always glad to see local bidders, because they tend to have the greatest appreciation for the land," said Schrader.
By the end of the auction, a single bidder had purchased 2,403 acres of the land for $19,055,000, and the rest was divided up among 14 other bidders. "There were definitely a lot of people seeking a single tract of 50 or 100 acres, either to farm or as an investment," said Schrader.
The land was sold by the owners of K-B Farms, Inc., and Funderburg Farms. "The sellers were taking advantage of the current market to adjust their portfolio, selling just a portion of their considerable holdings in the county," said Schrader.
The sale was Schrader's second in a week to hit the $25 million mark. On Wednesday, the company auctioned Anderson Circle Farms, near Lexington, Ky., for $25 million.