A farmland auction company president says farmland is still an attractive investment.
RD Schrader, president of Schrader Real Estate says farm machinery entrepreneur Ben Dillon’s 716 acres of high quality farmland near Logansport, Ind., brought $8.3 million or more than $11,500 an acre.
Dillon says he plans to put the proceeds towards production of his Tribine Harvester–which he calls the first major combine architecture change since the 1940’s. Proceeds from the farm sale will be used for the production of the Tribine. Production is set to begin in January at the new assembly plant in Newton, Kan.
Schrader says growers and investors continue to favor high quality land that can be worked efficiently, and because all eight tracts of Dillon’s land are contiguous it resulted in more interest among bidders seeking all of the land.
Source: www.brownfieldagnews.com