Schrader auction of Lawton Farms results in sale for $18.6 million, or $16,559 per acre
Lawton Farms, a 1,120-acre farm featuring highly productive soils, sold at auction August 16 for $16,559 per acre, or a total of $18.6 million, with Schrader Real Estate and Auction Company marketing the farm and conducting the event.
A crowd of some 250 people, including 76 registered bidders, gathered at the Wayne County fairgrounds for the auction, in which bidders competed for more than two hours for the land in 13 tracts and as an entirety. Bidders came from across the United States.
"Lawton Farms has been well managed over the years and is well located in an area known for its high-quality farmland. The large amount of contiguous land was reflected in the aggressive bidding," said R.D. Schrader, president of the auction company.
"Prices per acre went as high as $19,545 on one tract, which is remarkable," said Steve Slonaker, co-manager of the auction. Land sells in the combination that brings the highest price to the seller.
Andy Walther, the other co-manager, said, "Ultimately, all of the land was purchased by an Indiana bidder who already owns several farms in the area."
The farm also included 220,000 bushels of grain storage, extensive tiling and two newer barns for large machinery. It is located along Highway 227 south of Richmond, near the Ohio state line. The farm includes land in Union and Wayne counties.